The executive director of Puerto Rico's Oversight Board is standing by the restructuring agreement with a portion of bondholders to address $35 billion of Puerto Rico's debt.
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general obligation or "GO" bonds, and a 27% haircut on public authority bonds that carry a constitutional guarantee on payment.
Federal prosecutors, citing an ongoing criminal probe into manipulation of precious metals markets, were granted an additional five-month postponement of proceedings in one of two civil lawsuits that accuse J.P. Morgan Chase of such misconduct.
Traders are awaiting rulings in two criminal cases on whether people can be prosecuted for wire fraud for using a tactic known as spoofing.
His sentencing has been postponed twice, suggesting he is continuing to cooperate with prosecutors in their investigation. No one else has been charged.
Jose Ramirez, who is known to many in Puerto Rico as "The Whopper" pleaded guilty in November for his role in a scheme to fraudulently get clients to misuse credit lines to purchase securities.
Prosecutors unsealed the indictment of four people charged with a scheme to defraud the U.S. federal disaster relief program assisting in the U.S. Virgin Islands after hurricanes.
The judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded from Jan. 2009 through Dec. 2015.
Here's the help major banks are offering to government workers affected by the shutdown.
Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.
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