Moody’s Investors Service said it is taking no immediate rating action after the Oklahoma Supreme Court reversed a $7.1 million settlement between Tulsa and the Bank of Oklahoma on a loan default.

The court’s ruling came in response to a claim from 10 Tulsa taxpayers that the city’s payment of $7.1 million to BOK from a sinking fund constituted unlawful use of city funds. On Oct. 11, the Supreme Court ruled that the bank’s claim against the city was not viable and ordered the funds returned.

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