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Scotiabank suing Puerto Rico over $38M loan

Bank of NovaScotia is suing the government of Puerto Rico for nonpayment of a$38 million loan to its Metropolitan Bus Authority in 2012, the AssociatedPress reported Sept. 28.

The Toronto-based bank is accusing the state agency offailing to make payments on the loan since November of last year. According tothe report, this is the first time the Puerto Rican government has been suedover a loan since it imposed a debt moratorium.