33860
Insurers Sue Puerto Rico
World Economy

Insurers Sue Puerto Rico

Insurance companies that guarantee Puerto Rico municipal debt filed a lawsuit challenging the commonwealth’s decision to divert revenue designated for some bonds to pay other creditors, Bloomberg reported. Ambac Financial Group Inc. and Assured Guaranty Ltd. said the clawback of revenue pledged to bond issues violates the US Constitution by interfering with debt-holders’ contractual rights. The suit filed in US District Court in Puerto Rico seeks to have the clawback declared unlawful and asks the court to issue an injunction against implementation, according to a statement. “This may well just be the beginning,” Mark Palmer, a managing director at BTIG LLC who analyzes Puerto Rico and municipal bond insurers, said Friday.

 

Short URL : https://goo.gl/pBSHDT
  1. https://goo.gl/SSTnuv
  • https://goo.gl/FaFUz9
  • https://goo.gl/juZYrs
  • https://goo.gl/ReQLQ3
  • https://goo.gl/0wXf1o

You can also read ...

The OECD predicts UK growth will slow sharply next year. Its GDP will slow from 1.8% to 1.6% for 2017, before dropping to 1% in 2018.
The global economy looks set to post its best performance in...
Japan Exports Jump 18 Percent, Fastest in Four Years
Booming shipments of cars and electronics in August drove up...
Asian Firms’ Confidence Slips  as Geopolitical Tensions Rise
Business confidence among Asian companies fell for the first...
Private firms, mostly SMEs, generate about 60% of China’s GDP and around 80% of the country’s jobs.
China’s value-added tax reform, a key part of supply-side...
Unemployment came out as the top concern in Europe, South Asia and sub-Saharan Africa, in second place is  Latin America, and in third place is the MENA region.
Unemployment is the biggest risk for businesses globally,...
Tata, Thyssenkrupp Announce Steel Merger
Industrial conglomerate ThyssenKrupp and Indian group Tata...
Brazil Improves But Political Uncertainty Keeps Fiscal Deficit High
The worst might be over, yet there are still notable concerns...
South Africa’s Stable Inflation Boosts Chances of Rate Cuts
South African inflation rose less than expected in August,...

Trending

Googleplus