July 11, 2019 / 12:51 AM / a month ago

Bacardi, bond insurer Ambac at odds over Puerto Rico's rum-tax revenue

Rum maker Bacardi is seeking to beat back a bid by bond insurer Ambac Assurance Corp to open a probe as part of Puerto Rico’s restructuring into the territory’s use of rum-tax revenue.

Bacardi in a filing on Tuesday in U.S. District Court in San Juan said Ambac’s motion for a so-called Rule 2004 exam of the revenue’s uses should be denied because the insurer’s discovery requests are of “nearly boundless scope.”

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2XEn8Gb

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