Ambac's Puerto Rico Bond Payment Challenge Tossed

Law360 (February 28, 2018, 10:34 PM EST) -- Ambac Assurance Corp. cannot challenge the plans being used as blueprints to restructure Puerto Rico’s public finances, according to a ruling Tuesday in the commonwealth’s bankruptcy-like cases, enshrining the autonomy of the federal board overseeing the territory’s fiscal crisis to certify debt service proposals.

In a 46-page opinion, U.S. District Judge Laura Taylor Swain found that she lacks jurisdiction to evaluate challenges to Puerto Rico’s 5-year fiscal plans and cannot at this time adjudicate Ambac’s claims that payments on certain special revenue bonds are being unconstitutionally...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.