Banks ordered to disclose bondholder information to Puerto Rico board

A judge on Thursday ordered banks to comply with a request from Puerto Rico's federally created financial oversight board to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth. The ruling boosts a potential effort by the board to recover billions of dollars in payments made to bondholders should a federal court hearing Puerto Rico's bankruptcy cases choose to invalidate disputed debt issued by the government and its agencies. U.S. Magistrate Judge Judith Gail Dein's order said "good cause exists" to grant the board's motion, which seeks to compel banks to submit bondholder names and addresses along with Puerto Rico debt payments the bondholders received between 2013 and 2017.

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