A lawsuit filed by Puerto Rico’s financial oversight board over a new pension and healthcare funding law will move forward after a federal judge on Thursday denied the U.S. commonwealth’s motion to dismiss the case, Reuters reported.
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A lawsuit filed by Puerto Rico’s financial oversight board over a new pension and healthcare funding law will move forward after a federal judge yesterday denied the U.S. commonwealth’s motion to dismiss the case, Reuters reported.
Bond insurance company MBIA Inc. yesterday sued several financial institutions over their role in underwriting billions of dollars of Puerto Rico bonds that eventually went into default, Reuters reported. The lawsuit filed in superior court in San Juan claimed the banks “inflicted a financial tragedy” on the now-bankrupt U.S. commonwealth by urging it to issue “unsustainable” debt.
Puerto Rico got its third governor in less than a week yesterday just hours after the bankrupt U.S. territory’s supreme court ruled that Pedro Pierluisi’s assumption of the office was unconstitutional and ordered him to leave, Reuters reported. The island’s justice secretary, Wanda Vazquez, was sworn in as governor at the supreme court in San Juan.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.