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WHAT WE’RE WATCHING
DE FACTO THE MATTER - The U.S. Supreme Court this morning is set to hear from four lawyers—for 80 minutes—to resolve a complex dispute over the status of the Financial Oversight and Management Board for Puerto Rico, established by Congress in 2016 to help Puerto Rico recover from a devastating financial crisis. Among the lawyers scheduled to argue: former Obama-era U.S. solicitor general Donald Verrilli Jr., partner at Munger Tolles, who represents the board; and former George W. Bush-era solicitor general Ted Olson, partner at Gibson Dunn, who is counsel to Aurelius Investment, a creditor of the commonwealth of Puerto Rico. The case, which has generated substantial Big Law work, raises appointments clause and “de facto officer” doctrine issues surrounding the board’s membership.
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