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Puerto Rico Board Says Bond Insurer Can't Fight Fiscal Plan

Law360, New York (November 21, 2017, 7:55 PM EST) -- The federal board charged with guiding Puerto Rico through its watershed debt restructuring reasserted Tuesday that it must remain unfettered from bondholder litigation to certify fiscal budgeting plans for the territory and ultimately come up with debt readjustment proposals, tamping down complaints of alleged constitutional violations.

The Financial Oversight and Management Board presented a handful of arguments in New York federal court, urging the judge presiding over Puerto Rico’s bankruptcy-like cases to dismiss Ambac Assurance Corp.’s claims that the commonwealth has unconstitutionally diverted to government coffers...
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