A labor coalition is urging New York’s Metropolitan Transportation Authority to renegotiate or cancel interest-rate swaps on bond deals to which the MTA is a party, saying the agency is losing hundreds of millions of dollars.

“These deals have backfired and have become a drag on the MTA’s budget,” Camille Rivera, the executive director of UnitedNY, said in a joint letter with John Samuelsen, president of the Transit Workers Union Local 100. Michael Stewart of UnitedNY read the letter at Thursday’s monthly MTA board meeting.

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