Examining the Supreme Court's Ruling in Puerto Rico v. Franklin California Tax-Free Trust

June 15, 2016

The U.S. Supreme Court on June 13 ruled (5-2) in the case of Puerto Rico v. Franklin California Tax-Free Trust (No. 15-233) that Puerto Rico’s Recovery Act is preempted by § 903 of chapter 9 of the Bankruptcy Code — even though Puerto Rico is explicitly excluded from authorizing its municipalities to seek chapter 9 eligibility. Watch ABI Editor-at-Large Bill Rochelle discuss the implications of the high court's ruling with Prof. Stephen Lubben, the Harvey Washington Wiley Chair in Corporate Governance & Business Ethics at Seton Hall University.

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Supreme Court Recap: Oral Argument in Czyzewski v. Jevic Holding Corp.
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