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BlueMountain Capital joins legal fray over Puerto Rico restructuring law

Reuters – A hedge fund with over $400 million in Puerto Rico bonds has joined a legal challenge against a law that allows the U.S. Commonwealth to restructure some of its debt, hiring one of the most prominent lawyers in the United States to argue its case.

New York-based BlueMountain Capital Management filed a lawsuit in the district court of Puerto Rico on Tuesday [July 22], claiming that the new law, known as the Recovery Act, runs counter to both the Puerto Rican and U.S. constitutions.

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