A group of public labor unions and other creditors on Wednesday asked a judge to...
FILE PHOTO - The flags of the U.S. and Puerto Rico fly outside the Capitol building in San Juan, Puerto Rico May 4, 2017. REUTERS/ Alvin Baez
The Official Committee of Unsecured Creditors, which includes Service Employees International Union, American Federation of Teachers, as well as suppliers and contractors to the Puerto Rican government, said the board recently informed the committee it will not pursue claims against advisers, underwriters and public officials involved in debt sales by the island prior to its May 2017 bankruptcy filing.
The committee asked the judge overseeing the island’s bankruptcy to appoint it as a trustee with the power to investigate past debt issuances, as well as pursue fraud, negligence, and breach of fiduciary duty claims against individuals. The committee’s motion zeroed in on $3.5 billion of general obligation bonds Puerto Rico issued in March 2014 just months before its government enacted a bankruptcy statute that was subsequently voided in court and a declaration by its then-governor that the island’s debt was “unpayable.”
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