July 30, 2018 / 9:44 PM / 4 months ago

Puerto Rico board constitutionality challenge to go to 1st Circuit

The judge overseeing Puerto Rico’s restructuring on Monday said a hedge fund could make its argument that the island’s U.S. government oversight board is unconstitutional before a federal appeals court.

U.S. District Court Judge Laura Taylor Swain, who earlier this month dismissed the constitutional challenge to Puerto Rico’s Financial Oversight and Management Board (FOMB) by Aurelius Capital Management, certified the issue for appeal to the U.S. 1st Circuit Court of Appeals.

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