Daily News: June 30, 2014

U.S. Investment Firms Challenge Puerto Rico Restructuring Law

The Wall Street Journal reported a pair of Wall Street investment firms is challenging Puerto Rico’s new law allowing some public agencies to restructure their debt, saying it violates the U.S. Constitution.

Funds managed by Franklin Templeton Investments and OppenheimerFunds Inc. asked the U.S. District Court for the District of Puerto Rico to block the law, arguing that only Congress is allowed to create bankruptcy rules, the Journal said further.

To read the entire Journal article, click here.