Puerto Rico’s federally created financial oversight board yesterday began filing the first round of scores of lawsuits seeking to recover money the bankrupt U.S. commonwealth paid to bondholders, businesses and others, Reuters reported. The board has until the end of this week to file certain claims after the U.S.
Puerto Rico in Distress
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The White House said yesterday that it will ask the U.S. Senate to confirm the current members of Puerto Rico’s federally created financial oversight board after creditors of the bankrupt island successfully challenged the appointments on constitutional grounds, Reuters reported.
Four of the world’s largest oil suppliers are accused of cheating the Puerto Rico’s electric utility out of more than $1 billion, Bloomberg News reported. A class-action lawsuit alleges Vitol SA, Trafigura AG, the U.S. trading arm of Royal Dutch Shell Plc and Brazilian producer Petrobras conspired to sell substandard oil at inflated prices to the now-bankrupt power authority, known as PREPA.
A U.S. judge yesterday denied a request by Puerto Rico’s federally created financial oversight board to extend a looming deadline to file claims, the latest hurdle for its plan to recoup billions of dollars paid to bondholders of potentially invalid debt issued by the island’s government, Reuters reported.
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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.