WSJ – BlueMountain Capital Management LLC on Tuesday filed a lawsuit in federal court in Puerto Rico alleging the new law is unconstitutional. The law, approved by the Puerto Rican government in June, allows for Puerto Rico’s public corporations, including its power utility and highway authority, to restructure its debts, a move that could lead to bondholder losses.
The lawsuit follows a similar one filed in June by mutual funds managed by Franklin Templeton Investments and OppenheimerFunds.
