The U.S. Supreme Court on Monday declined to take up a dispute over the assets o...
WASHINGTON - The U.S. Supreme Court on Monday declined to take up a dispute over the assets of Puerto Rico’s largest public sector pension fund even as the U.S. Caribbean island territory’s bankruptcy enters a major new phase.
The Financial Oversight and Management Board of Puerto Rico said the decision will not affect the proposed plan of adjustment it filed in federal court on Sept. 27 for the bankrupt island’s core government debt, which includes an unfunded pension liability of more than $50 billion. The pension fund litigation dates back to 2017, when the board initiated Puerto Rico’s bankruptcy and challenged claims by bondholders on those assets.
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