US, Hedge Funds Spar Over Puerto Rico Oversight Law

Law360, New York (December 7, 2017, 4:33 PM EST) -- Attorneys for the federal government filed a legal brief Wednesday defending the 2016 law enacted by Congress to address Puerto Rico's unwieldy debt crisis against a hedge fund's contention that the members of the federal board representing the commonwealth were unconstitutionally appointed.

Coming to the defense of the Puerto Rico Oversight, Management, and Economic Stability Act and the federal oversight board created under the law, the U.S. Department of Justice told the judge presiding over the territory’s landmark bankruptcy-like cases that PROMESA’s appointments scheme is constitutional...
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