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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...
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