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Puerto Rico Pension Law Spurs Bondholder Suit Against US

Law360, New York (July 21, 2017, 8:41 PM EDT) -- A group of investors with billions at stake in Puerto Rico public pension bonds has sued the United States, saying a federally appointed oversight panel played an outsize role in the passage of recent legislation that unconstitutionally diverts their secured collateral in employer pension contributions.

In response to a Puerto Rican law passed late last month that reserves nearly $400 million for public pensioners in the 2018 fiscal year, a group of investment funds overseen by Oaktree Capital, Glendon Capital Management and others filed a lawsuit Wednesday against the U.S. government, saying the statute amounts to a violation of the Fifth...

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