Puerto Rico's federally created financial oversight board on Tuesday began ...
SAN JUAN - Puerto Rico’s federally created financial oversight board on Tuesday began filing the first round of scores of lawsuits seeking to recover money the bankrupt U.S. commonwealth paid to bondholders, businesses and others.
The board has until the end of this week to file certain claims after the U.S. judge hearing Puerto Rico’s bankruptcy cases declined to extend an expiring two-year statute of limitations. “The oversight board has a responsibility to the people of Puerto Rico to recover any payments in contravention of bankruptcy or Puerto Rico law made prior to the commonwealth’s bankruptcy,” board executive director Natalie Jaresko said in a statement.
Legal arguments for the claims include that these payments “deviate from historical payment patterns,” were made “in the absence of a contract,” or do not correspond to existing contracts. Claims would be dismissed against defendants who can show “a proper basis for the payments.”The board contends that Puerto Rico was insolvent at the time these payments were made.
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