Puerto Rico's federally created financial oversight board sued the bankrupt...
SAN JUAN - Puerto Rico’s federally created financial oversight board sued the bankrupt U.S. commonwealth’s governor and fiscal agency on Wednesday over a new law that transfers municipal pension and health insurance costs to the government.
The board said it is seeking to invalidate the measure known as Law 29 because it does not comply with its certified fiscal plan that calls for municipalities to continue to cover those costs. It said this violates the 2016 federal PROMESA Act, which established the board and a debt restructuring process for Puerto Rico.
The lawsuit was filed in federal court in Puerto Rico as part of the island’s ongoing bankruptcy case to restructure about $120 billion of debt and pension obligations. “The actions of the Government of Puerto Rico during this administration seek fiscal responsibility while also procuring the necessary resources for providing essential services to the citizenry. This includes and requires safeguarding the operation and finances of the municipalities,” he said in a statement.
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