Banks fight Puerto Rico oversight board’s quest for bondholder information

Four banks on Friday fired back at a move by Puerto Rico’s federally created financial oversight board to force them to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth. The board on Monday asked the U.S. District Court judge hearing the island’s bankruptcy cases to compel the banks to submit bondholder names and addresses along with related payments the bondholders received between 2013 and 2017 by an April 19 deadline. The Bank of New York Mellon, Bank of America Corp , JP Morgan Chase Bank, and U.S. Bank objected, citing concerns over disclosing confidential customer information, as well as the cost and ability to produce a large amount of information within the tight deadline.

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