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The Guardian - US
The Guardian - US
World
Ramon Antonio Vargas and David Hammer of WWL Louisiana

New Orleans archdiocese bond investors accuse church of ‘securities fraud’

Meredith Grabill New Orleans United States Louisiana
a cathedral overlooking body of water
St Louis Cathedral, the seat of the Roman Catholic Archdiocese of New Orleans, as seen from the Mississippi River. Photograph: Joerg Hackemann/Alamy

The Roman Catholic archdiocese of New Orleans is planning to default on paying a nearly $1m interest payment on more than $41m in bonds it sold in 2017, leading lawyers for the people who purchased the church’s debt to allege in open court that it had engaged in “the definition of securities fraud”.

An attorney for the archdiocese countered that the allegation was “an extreme stretch”.

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