Hedge funds representing a group of Puerto Rico bondholders sued the U.S. territory, saying it violated the terms of a rescue package recently approved by Congress to help pull the island’s government out of a dire economic crisis.
The federal lawsuit claims the government recently approved measures that allow it to divert hundreds of millions of dollars as it announced the biggest default in the island’s history. The hedge funds contend Puerto Rico is barred from taking those and other actions before the creation of a federal control board that will oversee the island government’s finances.
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