July 24, 2018 / 9:58 PM / 2 months ago

Insurer joins constitutionality fray over Puerto Rico oversight board

Bond insurer Assured Guaranty Corp is contesting the constitutionality of the federal board overseeing Puerto Rico’s restructuring despite a recent opinion rejecting a similar challenge by hedge fund Aurelius Capital Management.

In a filing on Monday in U.S. District Court in San Juan, Assured and its Assured Guaranty Municipal Corp argued the Federal Oversight and Management Board should be enjoined from further actions on the U.S. territory’s finances because its members were “unconstitutionally appointed.”

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