Puerto Rico creditor National Public Finance Guarantee is seeking an investigation into what it says is potentially improper bond trading among hedge funds involved in the island’s debt restructuring.
National, represented by Kasowitz Benson Torres, requested the probe in a motion filed on Monday in the U.S. District Court for the District of Puerto Rico, where the commonwealth’s restructuring process has been pending for three years. The insurance company says it believes the trades may have been prompted by information the hedge funds gleaned during mediation sessions and would therefore be in violation of the court’s orders requiring the mediation be kept confidential.
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