Bondholders Can't Claim 'Hope' Of PR Retirement Funds

Law360 (November 24, 2020, 10:09 PM EST) -- A U.S. Court of Federal Claims judge has dismissed a suit by Puerto Rican bondholders seeking to stake a claim on future retirement fund contributions, saying a 2020 Supreme Court ruling had stripped its jurisdiction, and that "mere hope" is not something the bondholders could claim.

U.S. District Court Judge Richard Hertling dismissed the bondholders' suit Monday, finding that under a high court ruling earlier this year, the island's Financial Oversight and Management Board was a local agency outside his jurisdiction and that the bondholders could not assert property rights on the promise of future payments to the retirement fund....

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