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NYC council member questions OppenheimerFunds role in Puerto Rico debt crisis

A New York City council member has asked for a federal probeinto OppenheimerFundsInc.'s investment in Puerto Rico municipal bonds during the islandgovernment's financial crisis, Bloomberg News reported May 5.

Council Speaker Melissa Mark-Viverito is alarmed by theincreased percentage of the company's municipal bonds allocated to PuertoRico's debt, which the government has said it is unable pay on fully without arestructuring.

Mark-Viverito wrote a letter to the SEC requesting aninvestigation, the news outlet noted.

OppenheimerFunds has in recent months often sold non-PuertoRico bonds to meet redemption requests for its municipal mutual funds. Theresult has been a larger percentage allocation for the company in Puerto Ricodebt, according to the report.