Altair Corp. v. De Busquets

Appellant Altair Corp. brought this action in the United States District Court for the District of Puerto Rico alleging a violation of the Civil Rights Act of 1871, 42 U.S.C. § 1983 (1982), by appellees Pesquera de Busquets and Biaggi, former Acting Secretary and Secretary of the Puerto Rico Department of Consumer Affairs (DOCA) (we refer to both as "the Secretary"). Altair alleges that Pesquera deprived Altair of its property in the amount of $1,605,342.47 when without public hearings she promulgated Order No. 1 on July 14, 1980, lowering the maximum lawful interest rates on consumer loans for new and used automobiles. The district court granted Pesqueras motion for summary judgment on the grounds that (1) these public officials enjoyed the protection of a qualified immunity when issuing orders of this type and (2) that the applicable statute of limitations had run on reconsideration, the district court added that the suit is barred by the doctrine of res judicata. We affirm on the statute of limitations ground.