Hedge Funds Sue Puerto Rico, Accuse Govt of Diverting Funds

July 20, 2016 11:19 PM

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Hedge funds representing a group of Puerto Rico bondholders have sued the U.S. territory, saying it violated the terms of a rescue package recently approved by Congress.

The federal lawsuit filed Wednesday claims the Puerto Rico government recently approved measures to divert hundreds of millions of dollars amid a dire economic crisis. The hedge funds contend Puerto Rico is barred from taking certain actions before the creation of a federal control board that will o...

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