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Ambac Opens 1st Circ. Fight Over Puerto Rico Bond Diversion

Law360 (June 19, 2018, 9:51 PM EDT) -- Ambac Assurance Corp. on Monday launched its opening arguments in an appeal over the diversion of highway bond revenues in Puerto Rico stemming from a ruling in the territory's bankruptcy-type cases, saying the underlying acts by the island's government violated the Constitution.

Ambac has its sights set on revenues generated by Puerto Rico’s Highways and Transportation Authority, which it says had been pledged to bondholders to secure billions of dollars worth of new investments several years before the commonwealth declared what amounts to the largest municipal...
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