Bond insurer MBIA sues banks over defaulted Puerto Rico bonds [Reuters]
MBIA Inc. (MBI)
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Source: Reuters
Bond insurer MBIA sues banks over defaulted Puerto Rico bonds - Reuters 2 Min Read Aug 8 (Reuters) - Bond insurance company MBIA Inc sued several financial institutions on Thursday over their role in underwriting billions of dollars of Puerto Rico bonds that eventually went into default. The lawsuit filed in superior court in San Juan claimed the banks “inflicted a financial tragedy” on the now-bankrupt U.S. commonwealth by urging it to issue “unsustainable” debt. “That debt bankrupted the commonwealth and its agencies while the banks enriched themselves through massive fees,” the lawsuit stated. Puerto Rico filed for bankruptcy in 2017 to restructure about $120 billion of debt and pension obligations. According to the lawsuit, major banks underwrote more than $66 billion of bonds issued between 2001 and 2014 by Puerto Rico and its agencies, earning hundreds of millions of dollars in fees. The defendants are: UBS Financial Services Inc, UBS Securities LLC, Citigroup Global Markets Inc
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