Oppenheimer Sues Rhode Island Over $594 Million Bond Deal
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Rhode Island’s plan to sell $594 million in debt backed by tobacco-company payments was challenged by OppenheimerFunds Inc., which claims the deal violates earlier bondholder rights to revenue related to a 16-year-old accord over health-care related costs.
Rhode Island intends to refund earlier securities backed by funds from the pact this week and issue new debt, according to bond documents.