IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE COMMONWEALTH OF PUERTO RICO, et 

al.,

Debtors. 1

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE EMPLOYMENT RETIREMENT SYSTEM 

OF THE COMMONWEALTH OF PUERTO RICO 

(“ERS”),

Debtor.

PROMESA

Title III

No. 17 BK 03283-LTS

(Jointly Administered)

PROMESA

Title III

No. 17 BK 03566-LTS

MOTION TO STAY CONSIDERATION OF:

“UBS FINANCIAL SERVICES INCORPORATED OF PUERTO RICO’S

MOTION TO ENFORCE THE PLAN OF ADJUSTMENT

AND FOR RELATED INJUCTIVE RELIEF”

 1 The Debtors in these Title III cases, along with each Debtor’s respective Title III case number and the last four (4) digits of each Debtor’s 

federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico (Bankruptcy Case No. 17-BK-3283 (LTS)) (Last 

Four Digits of Federal Tax ID: 3481); (ii) Employees Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) 

(Bankruptcy Case No. 17-BK-3566 (LTS)) (Last Four Digits of Federal Tax ID: 9686); (iii) Puerto Rico Highways and Transportation 

Authority (Bankruptcy Case No. 17-BK-3567 (LTS)) (Last Four Digits of Federal Tax ID: 3808); (iv) Puerto Rico Sales Tax Financing 

Corporation (Bankruptcy Case No. 17-BK-3284 (LTS)) (Last Four Digits of Federal Tax ID: 8474); and (v) Puerto Rico Electric Power 

Authority (Bankruptcy Case No. 17-BK-4780 (LTS)) (Last Four Digits of Federal Tax ID: 3747) (Title III case numbers are listed as 

bankruptcy case numbers due to software limitations). 

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TO THE HONORABLE COURT:

Individual Plaintiffs, Pedro José Nazario Serrano; Joel Rivera Morales; María de 

Lourdes Gómez Pérez; Héctor Cruz Villanueva; Lourdes Rodríguez and Luis M. Jordán Rivera, 

all of them Retirees/Beneficiaries and Plaintiffs in a claim for damages described below that 

is currently pending in the Commonwealth of Puerto Rico Court of First Instance, San Juan 

Part (the “Commonwealth Court”), without submitting to the jurisdiction of this Court, very 

respectfully submit this motion to stay the consideration of the “UBS Financial Services 

Incorporated of Puerto Rico’s Motion to Enforce the Plan of Adjustment and for Related 

Injunctive Relief” (Docket No. 21651). Said Individual Plaintiffs STATE and PRAY as follows:

1. On July 28, 2022 UBS Financial Services Incorporated of Puerto Rico 

(hereinafter “UBS”) filed the motion titled “UBS Financial Services Incorporated of Puerto 

Rico’s Motion to Enforce the Plan of Adjustment and for Related Injunctive Relief”, at Docket 

No. 21651 (hereinafter, the “Motion to Enforce”). Essentially, UBS moves this Court to issue 

an Order, allegedly pursuant to Section 91.1 of the Modified Eighth Amended Title III Joint 

Plan of Adjustment of the Commonwealth of Puerto Rico et al. (the “Plan of Adjustment” or 

the “Plan”) to enjoin the Employees’ Retirement System of the Government of the 

Commonwealth of Puerto Rico (the “ERS”) and seven other individual plaintiffs who are

beneficiaries of the ERS from litigating the case Administración de los Sistemas de Retiro de 

los Empleados del Gobierno y la Judicatura de Puerto Rico v. UBS Financial Services Inc. of 

Puerto Rico, Civ. No. KAC-2011-1067 (hereinafter, “Commonwealth Action”), which is 

pending before the Commonwealth Court.

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2. Basically, UBS contends that the ERS and the individual plaintiffs no longer 

own the claims asserted in the complaint pending before the Commonwealth Court, because 

said claims supposedly are the same brought in the case captioned Drivetrain, LLC v. 

Barclays, et al., Adv. Proc. No. 19-000280-LTS (the “Underwriter Adversary Action”),

which were transferred to the Avoidance Actions Trusts. UBS incorrectly argues that the 

remedies sought in the Commonwealth Action are the same remedies sought in the 

Underwriter Adversary Action, and requests an order to enjoin ERS and individual plaintiffs 

from further litigation in the Commonwealth Action to avoid being exposed to duplicative 

remedies.

3. However, the Underwriter Adversary Action has been stayed “in all respects” 

since the complaint was filed on 2019. In fact, on June 10, 2022, Judge Judith Gail Dein, who 

is presiding the Underwriter Adversary Action, entered an Order extending the “Initial Stay”

up to and including September 15, 2022. See Exhibit A. Said Order also declares that the 

Trustee and the Defendants shall meet and confer regarding a schedule for Defendants to 

answer, move to dismiss, or otherwise respond to any complaint in the Adversary 

Proceedings. Id. ¶3. (Emphasis added.) 

4. It is worth noting that said order was entered at the request of the Trustee, 

who on that same date, filed its “Unopposed Motion of Avoidance Actions Trustee for Entry of 

Order Extending Stay of Adversary Proceeding”, stating that he and his professional team 

“have, and continue to, extensively evaluate the claims that are subject of the Adversary 

Proceeding and remains in the process of determining whether to pursue, settle, 

prosecute, abandon, or otherwise dispose of these claims”. See, Exhibit B, ¶14. (Emphasis 

added.)

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5. On the other hand, even if the Trustee goes forward with the Underwriter 

Adversary Action, UBS will in all probability file a responsive pleading seeking the dismissal 

of the complaint. In the event that UBS convinces the court to dismiss the Underwriter 

Adversary Action, the UBS’ Motion to Enforce becomes moot. 

6. In light of the foregoing, it is hereby respectfully submitted that the Motion to 

Enforce filed by UBS is at best premature, because it is not known if the Underwriter 

Adversary Action will be prosecuted, abandoned or dismissed. Until then, UBS cannot allege

with certainty that it is exposed to duplicative remedies. Moreover, UBS may move to dismiss 

the complaint in the Underwriter Adversary Action and if such remedy is granted UBS’ 

Motion to Enforce becomes moot. 

7. As such, it is hereby respectfully requested that the consideration of the 

Motion to Enforce filed by UBS be also stayed, because it is premature. The Motion to Enforce 

should be considered only after it is decided that the Trustee will prosecute the Underwriter 

Adversary Action and after the court decides if the case will go forward after UBS files its 

responsive pleading.

8. In case that this stay is denied, the Individual Plaintiffs reserve all their rights 

and objections to oppose the Motion to Enforce filed by UBS on the merits.

THEREFORE, the Individual Plaintiffs respectfully request this Honorable Court to 

stay the consideration of “UBS Financial Services Incorporated of Puerto Rico’s Motion to 

Enforce the Plan of Adjustment and for Related Injunctive Relief” (Docket No. 21651), until it 

is determined if the Trustee will prosecute the Underwriter Adversary Action, or if it will be 

abandoned or dismissed, or in the alternative, 30 days after UBS files its responsive pleading.

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RESPECTFULLY SUBMITTED.

WE HEREBY CERTIFY: That on this same date a true and exact copy of this motion 

was filed with the Clerk of Court using CM/ECF system, which will notify a copy to counsel 

of record. 

In San Juan, Puerto Rico, this 10th day of August 2022.

VICENTE & CUEBAS PUJOL LAW OFFICES, PSC

P.O. Box 11609 P.O. Box 363042

San Juan, PR 00910-1609 San Juan, PR 00936-3042

Phone No. (787) 751-8000 Phone No. (787) 724-0900

Fax No. (787) 756-5250 Fax No. (787) 724-1196

/s/ Harold D. Vicente /s/ Francisco Pujol Meneses 

Harold D. Vicente, Esq. Francisco Pujol Meneses, Esq.

USDC-PR Bar No. 117711 USDC-PR Bar No. 212706

hvicente@vclawpr.com fpujol@pujollawpr.com

/s/ Harold D. Vicente-Colón BUFETE ANDREU & SAGARDÍA

Harold D. Vicente-Colón, Esq. 261 Avenida Domenech

USDC-PR Bar No. 211805 San Juan, Puerto Rico 009718

hdvc@vclawpr.com Phone No. (787) 754-1777/763-8044

Fax No. (787) 763-8045

 

 /s/José A. Andreu Fuentes

 José A. Andreu Fuentes, Esq. 

USDC-PR Bar No. 204409

 jaf@andreu-sagardia.com

Counsel for Individual Plaintiffs, Beneficiaries of the Retirement System

of the Commonwealth of Puerto Rico

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