Hogan Lovells obtains dismissal of action, with prejudice, seeking to claw back payments from IBM in Puerto Rico federal court proceeding

Press releases | 06 August 2020

Miami, 6 August 2020 – Global law firm Hogan Lovells has obtained the dismissal of an avoidance action brought in the United States District Court for the District of Puerto Rico against IBM under the Puerto Rico Oversight, Management, and Economic Stability (PROMESA) law.

The Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico and the Committee of Unsecured Creditors of the Commonwealth of Puerto Rico (jointly the “Oversight Board”) sought to claw back payments made to IBM over a four-year period totaling more than $13 million.

Following a voluntary exchange of information that lasted multiple months, the Oversight Board filed a notice of dismissal with prejudice on 3 August 2020. The case is now closed.

The Hogan Lovells team included Maria Eugenia Ramirez (Miami), Pieter Van Tol (New York), Sara Posner (New York), and Orlando Cabrera (Mexico City), with support from Richard C. Lorenzo (Miami).