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Puerto Rico Government to Cooperativas: Where’s the Fraud?

The government files a motion arguing the lawsuit contending it committed fraud fails to present any supporting facts.

A street in San Juan, Puerto Rico

Puerto Rico’s government has asked a federal judge to dismiss a lawsuit contending it defrauded seven island-insured cooperativas.

In documents filed in Puerto Rico federal court, the government, its fiscal oversight board and its local credit union regulator said the cooperativas have not demonstrated that they were coerced into buying government bonds whose values have dropped as a result of the fiscal crisis the island faces.

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David Baumann

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