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Hedge Funds Press Banco Popular for Puerto Rico Deposits

  • General obligations should receive clawback cash, holders say
  • Letter to Banco Popular follows lawsuit against governor
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Hedge funds that own Puerto Rico bonds are putting pressure on Banco Popular over commonwealth funds deposited at the bank that they say should go to them.

Lawyers representing the Ad Hoc Group of General-Obligation Bondholders sent a letter Thursday to Banco Popular de Puerto Rico in San Juan, notifying the bank of the group’s rights and remedies regarding government funds redirected to meet other obligations.