Assured Guaranty subsidiaries sued Puerto Rico over its diversion of toll revenues that had supported insured bonds.
Assured Guaranty Municipal Corp. and Assured Guaranty Corp.
Assured complained about Puerto Rico Gov. Alejandro García Padilla signing an executive order that diverted toll revenues pledged to support payment of bonds issued by the Puerto Rico Highways and Transportation Authority.
Assured is seeking relief from the stay on litigation found in the PROMESA law, which President Obama signed at the end of June. If that is achieved, the lawsuit seeks a declaration that the stay is illegal.
Assured is suing Puerto Rico's government, the PRHTA, the Government Development Bank for Puerto Rico, García Padilla, PRHTA President Carmen Villar Prados, GDB President Melba Acosta Febo, and Secretary of the Treasury Juan Zaragoza G-mez.
Heriberto Burgos Pérez is the lead attorney on the case. He works for the San Juan law firm Casellos Alcover & Burgos.
The suit follows a similar suit on July 18 by Peaje Investments against the PRHTA.
