Puerto Rico's federally created financial oversight board said on Thursday ...
SAN JUAN - Puerto Rico’s federally created financial oversight board said on Thursday it sued some owners of potentially invalid bonds of the bankrupt U.S. commonwealth, as well as Wall Street banks and firms that participated in various debt issuances in an effort to recoup more than $1 billion.
The board, which had only two years from that date under a statute of limitations to file certain claims, was denied an extension last week by a federal judge hearing Puerto Rico’s cases aimed at restructuring about $120 billion of debt and pension obligations. Defendants include many of Wall Street’s biggest investment banks, as well as law firm Sidley Austin.
In the case of $3.5 billion of junk-rated GO bonds sold in 2014, the board alleged that underwriters and advisers “knew or should have known” that the transaction ran afoul of the commonwealth’s constitutional debt limit. It also contended underwriters bought these bonds at discount, allowing them to “reap large profits” from the resale of the bonds to investors.
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