Puerto Rico

Judge Swain has ordered an end to the stay on open litigation of pension bond issues.

The plan would rebuild the power system with a web of "micro grids," funded in part with federal and private money.

UBS, the underwriter facing more than $800 million in lawsuits over the pension system bonds, argued the proposed schedule won't give it enough input.

Lack of legislative cooperation wouldn't be a problem until after court-approval of a plan of a adjustment, observers said.

The proposal is highly doubtful to become law in the coming months given the limited number of days Congress will be in session the remainder of the year.

Protesters targeted investors in prisons and Puerto Rico bonds at the Museum of Modern Arts' opening.

The board also said the local government's $18 billion in the bank doesn't give it additional money to pay bondholders.

The bond insurer may be seeking a more receptive audience for its claim that underwriters provided incomplete and misleading information about the bonds it insured.

Two board members said an effort in congress to shift responsibility for the commonwealth's infrastructure revitalization is ill timed.

If a majority of the justices find the Oversight Board created by Congress has a primarily federal role, it could do what the hedge funds want and invalidate the board.