Reversing a Court of Appeal’s decision to apply a $900 per day penalty, the Supreme Court of Puerto Rico determined that plaintiff’s failure to construct $8.7 Million in improvements required by a 25 year lease of a Municipal parking facility, was caused by the Municipality itself, as the trial court had also determined. The court let stand the balance of the Court of Appeals judgment, and its pronouncement that the State, including the Municipality of San Juan, is exempt from the Civil Code’s requirement of good faith in the performance of contractual obligations. ( Article 1210, Civil Code of Puerto Rico; Tit. 31 Laws of P.R. Anno. Sec. 3375).
Corporate Dissolution Litigation Ends in Supreme Court of Puerto Rico
In a litigation involving a pharmaceutical corporation, the Supreme Court of Puerto Rico established precedent in a 5-2 decision favorable to the firm’s client. The case, litigated by firm partner Roberto Boneta, involved a corporation in which two shareholders each had equal shares, and after a deadlock, one of the shareholders sued for dissolution under Puerto Rico’s Corporation Law. The Supreme Court decided that the dissolution permitted by the statute was available for any corporate enterprise having a going business whether or not the corporation technically was a “joint venture” or not.
FINRA Arbitration Success
Firm partner Roberto Boneta recently obtained a $1.55M arbitration award in favor of a former Merrill Lynch financial advisor that was wrongfully terminated and subsequently sued by Merrill Lynch to recover on a $969K promissory note. Besides denying Merrill’s claim, and awarding damages to the financial advisor, the FINRA panel ordered that the financial advisor’s U-5 record be expunged and modified to reflect that his termination was without cause. See some links below.
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