Bankruptcy

Illinois' House Speaker and Senate President filed a lawsuit against Gov. Pat Quinn Tuesday challenging his move to stop paying lawmakers in an attempt to pressure lawmakers to pass pension reforms.

The federal bankruptcy judge overseeing Detroit filed Tuesday an eight-month schedule of key hearings ahead of a March deadline for the city to file its final plan of adjustment.

The Indiana Attorney General last week said he would not investigate the controversial $4.5 billion bond-financed Prairie State Energy Campus located in southern Illinois.

Two leaders called for New York's state government to take steps to prevent local governments from ending up in bankruptcy.

Jefferson County, Ala., said that the IRS completed an examination of the county's 2006 lease revenue warrants with no change in tax exempt status.

A judge last week ordered Cook County, Ill. to stop collecting a new tax that the county began to levy last year to help offset a 2013 budget deficit.

Michigan Attorney General Bill Schuette said he will join Detroit's bankruptcy in his role as "the people's attorney" to defend retirees' pensions.

A trial date has been set for two lawsuits challenging rates set by the Metropolitan Water District, a Southern California water wholesaler.

Detroit's bankruptcy may be "profoundly meaningful" for distressed local governments, answering key questions about pension versus bond debt, and clarifying the strength of various bond securities, Moody's said.

Miami told bondholders that it will "vigorously defend" itself against securities fraud charges brought by the Securities and Exchange Commission.

Michigan advanced a plan to issue $450 million of private activity bonds for a hockey arena and entertainment district in downtown Detroit, not long after asking many Detroit bondholders to take stiff haircuts as the city seeks bankruptcy protection.

Bond insurers, banks and other stakeholders in Detroit are lawyering up in anticipation of court proceedings for the largest municipal bankruptcy case in U.S. history.

The bankruptcy judge overseeing Detroit Wednesday halted all lawsuits related to the city's historic bankruptcy filing, handing Detroit a key early victory and clearing the way for it to proceed with what would be the largest municipal bankruptcy filing in the U.S.

Many large managers of municipal bond funds with Detroit paper said they haven't heard any panic from their investing clients since the city filed for bankruptcy and many of their funds have lost value.

A California state judge denied the state's motion to dismiss a lawsuit over its cancelled deal to sell 11 state-owned buildings to private investors.

A deal to sell the Harrisburg incinerator, the focal point of the debt crisis in Pennsylvania's capital, is imminent, the city's state-appointed receiver said.

A federal judge sentencing three former UBS bankers convicted of muni bond bid-rigging said they might receive prison terms similar to three other defendants.

The Michigan Court of Appeals Tuesday granted state Attorney General Bill Schuette's request to halt an Ingham County circuit court judge's ruling that Detroit withdraw its bankruptcy petition.

A court fight is under way between the city of Charlotte and the North Carolina General Assembly over the ownership of Charlotte Douglas International Airport.

The first hearing in Detroit's historic Chapter 9 bankruptcy case is set for Wednesday.