The U.S. government isn’t liable for losses on $3 billion in Puerto Rico pension bonds, a federal judge said yesterday, rejecting efforts to put U.S. taxpayers on the hook for compensating investors, the Wall Street Journal reported. Judge Richard A. Hertling of the U.S. Court of Federal Claims said bondholders can’t hold the U.S.
Puerto Rico in Distress
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The U.S. Supreme Court yesterday declined to review an appeals court ruling against a group of Puerto Rico bondholders seeking pension assets and a share of future revenue, Pensions&Investments reported. On Jan. 30, the U.S.
Puerto Rico’s pro-statehood candidate Pedro Pierluisi yesterday was holding on to his narrow lead in the gubernatorial race as ballot counting continued and his chief rival refused to concede, Bloomberg News reported.
A plan to pull Puerto Rico out of bankruptcy by 2021 hit a major obstacle on Friday when a new member that U.S. President Donald Trump appointed to a federal control board overseeing the island’s finances rejected the immediate filing of a debt restructuring proposal.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.