Bondholders filed to sue Puerto Rico on Tuesday in the first legal challenges to hit the U.S. territory after a freeze on litigation that protected it from lawsuits expired amid a deep economic crisis. A group representing those who bought a portion of the $16 billion worth of bonds backed by Puerto Rico’s sales tax said in its lawsuit that a government plan to cut …
A federal judge on Tuesday gave Caesars Entertainment a five-week shield from $13 billion in lawsuits, capping a week of frantic court hearings as the casino group struggles to salvage a high-stakes debt-cutting plan for its bankrupt subsidiary. Judge Robert Gettleman said at an emergency court hearing in Chicago that he will decide on Oct. 5 whether he should overturn a U.S. Bankruptcy Court …
Boston Retirement System, the public pension fund for Boston municipal employees, filed the first bondholders proposed class action against Volkswagen AG (VOWG_p.DE) related to the company’s diesel emissions scandal, law firm Labaton Sucharow LLP said. The lawsuit, which also names as defendants Volkswagen Group of America Inc and Volkswagen Group of America Finance Inc, claims that “false and …
A group of bondholders on Tuesday sued Puerto Rico’s government as debt negotiations fell apart less than two weeks ahead of what would be the largest default in the island’s history. The suit filed in New York by holders of general obligation bonds seeks to invalidate a debt moratorium and fiscal emergency law passed in early April as the island struggles to restructure $70 billion in public …