Puerto Rico Sued by Third Bond Insurer to Halt Revenue Raid
- FGIC seeks to end the revenue diversion that spurred default
- Suit follows similar ones by Ambac and Assured Guaranty
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Financial Guaranty Insurance Co. sued Puerto Rico’s top officials for raiding revenue earmarked for government agency bonds as the island rapidly runs out of cash, a step that pushed it to default this month on securities the company insures.