Five members of U.S. Congress from New York said on Wednesday that several investment firms involved in Puerto Rico's ongoing bankruptcy may have engaged in insider trading and urged the state attorney general to investigate.
- Five members of U.S. Congress from New York said on Wednesday that several investment firms involved in Puerto Rico’s ongoing bankruptcy may have engaged in insider trading and urged the state attorney general to investigate.
Using the 2016 PROMESA Act, Puerto Rico’s federally created financial oversight board filed a form of municipal bankruptcy for the U.S. commonwealth in 2017 in an effort to restructure about $120 billion of debt and obligations. Those disclosures revealed that LCDC members “significantly increased their holdings of bonds they argued in court were of no value while engaging in confidential mediation talks about their restructuring,” according to the letter.
In a statement, the LCDC said its members “adhered to and respected all elements of the mediation protocol and trading restrictions during the period in which they were negotiating with the oversight board.”
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