High Court Won't Take Up Puerto Rico Bondholder Ruling

Law360 (January 13, 2020, 4:21 PM EST) -- The U.S. Supreme Court said Monday it won't touch a pair of controversial First Circuit decisions that allow Puerto Rico to pay off special revenue bonds at its own pace, which insurers and financial industry groups claim will "wreak havoc" on the nation's $3.7 trillion municipal debt market.

Bond insurers Assured Guaranty Corp. and Ambac Assurance Corp. both asked the high court to take up the dispute in September, after the First Circuit sided with Puerto Rico and its federally appointed oversight board over the spring.

That March decision found that the insurers, who stand to lose billions due to Puerto...

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