Bank Group Says 1st Circ. PR Bond Ruling Hurts Local Gov'ts

Law360 (October 25, 2019, 7:13 PM EDT) -- The Securities Industry and Financial Markets Association is urging the U.S. Supreme Court to strike down a First Circuit decision on a Puerto Rican bond dispute that's roiled municipal bond markets across the country, calling it a matter of "extreme national importance."

In an amicus curiae brief filed Thursday, SIFMA — a trade organization that represents the interests of banks, broker-dealers and asset managers with a combined $34 trillion under management — said a batch of August decisions by the First Circuit, which collectively found that Puerto Rico doesn't have to make payments on special revenue bonds during its massive restructuring,...

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