Banking Law News

Illinois Asks Court to Deny Hedge Fund’s Suit to Invalidate Debt

July 22, 2019, 9:12 PM

Illinois asked a court to throw out a lawsuit from a New York City hedge fund and the chief executive officer of a conservative think tank seeking to invalidate $14.3 billion of the state’s bonds, saying it rests on false premise and is a “policy paper masquerading as a complaint.”

The state’s attorney general’s office asked the judge to dismiss the lawsuit, which was filed July 1 by Warlander Asset Management and John Tillman, CEO of the Illinois Policy Institute. They claim Illinois’s record pension bond sale in 2003 and debt issued in 2017 to pay a backlog of bills...

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