CHICAGO- The Illinois Supreme Court on Thursday rejected a lawsuit challenging the constitutionality of $16 billion of Illinois general obligation bonds.
The high court reversed an August state appeals court decision permitting the so-called taxpayer lawsuit to move forward because it was not "frivolous or malicious," and affirmed a 2019 district court ruling that blocked its filing.
The lawsuit sought to end payments on about $14 billion of debt remaining from bond issues sold in 2003 and 2017.
(Reporting By Karen Pierog) ((karen.pierog@thomsonreuters.com; +1 312 408 8647; Reuters Messaging: karen.pierog.thomsonreuters.com@reuters.net))
