Puerto Rico ERS bondholders appeal ruling

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Puerto Rico Employees Retirement System bondholders appealed a district court ruling against them to the First Circuit Court in Boston on Wednesday.

On Tuesday U.S. District Court Judge Laura Taylor Swain rejected the bondholders’ motion for her to appoint them as a trustee for ERS.

The First Circuit Court posted a case opening notice for the appeal and the bondholders filed a notice of the appeal in the district court. However, the bondholders haven’t yet submitted a brief with the appeals court.

In the case, law firms Jones Day and Delgado & Fernández are representing Andalusian Global Designated Activity Company and about 20 other investment funds holding ERS bonds. Law firms White & Case and Sánchez Pirillo are representing AAA Portfolio Bond Fund and about 20 other investment funds holding ERS bonds.

The Puerto Rico Oversight Board, the Puerto Rico Fiscal Agency and Financial Advisory Authority, and the Official Committee of Retired Employees of Puerto Rico are the parties working against the bondholders.

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