{"id":1476,"date":"2014-07-02T15:31:02","date_gmt":"2014-07-02T15:31:02","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/07\/oppenheimerfunds_franklin_temp"},"modified":"2022-03-11T13:12:18","modified_gmt":"2022-03-11T19:12:18","slug":"oppenheimerfunds-franklin-temp","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimerfunds-franklin-temp\/","title":{"rendered":"OppenheimerFunds, Franklin Templeton Sue Over Puerto Rican Debt Law"},"content":{"rendered":"

\t\t\t\tInvestment firms OppenheimerFunds Inc. <\/a>and Franklin Templeton (BEN) have filed a lawsuit claiming that Puerto Rico’s new law, which lets certain government agencies restructure their debt, violates the constitution. Lawmakers in Puerto Rico approved the bill last month. <\/p>\n

Aside from its power agencies, the entities that would be allowed to restructure the debt under the new law include Puerto Rico’s water and transportation agencies. Collectively, all of the agencies have about $19.4 billion in outstanding bonds. The Act does not have provisions for restructuring tax-backed bonds and general-obligation bonds. <\/p>\n

The two fund managers together hold about $1.7 billion in Puerto Rico Electric Power Authority debt. They want the legislation, known as the Public Corporations Debt Enforcement and Recovery Act, blocked.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Investment firms OppenheimerFunds Inc. and Franklin Templeton (BEN) have filed a lawsuit claiming that Puerto Rico’s new law, which lets certain government agencies restructure their debt, violates the constitution. Lawmakers in Puerto Rico approved the bill last month. Aside from its power agencies, the entities that would be allowed to restructure the debt under the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039],"tags":[],"class_list":["post-1476","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nOppenheimerFunds, Franklin Templeton Sue Over Puerto Rican Debt Law — Investor Lawyers Blog — July 2, 2014<\/title>\n<meta name=\"description\" content=\"Investment firms OppenheimerFunds Inc. and Franklin Templeton (BEN) have filed a lawsuit claiming that Puerto Rico's new law, which lets certain — July 2, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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