Bankruptcy

Robert Citron, a former treasurer of California's Orange County who spent nine months in prison for his role in what stood for years as the nation's biggest municipal bankruptcy, has died. He was 87.

Officials from Highmark and West Penn Allegheny Health System announced an agreement with West Penn bondholders to accept a haircut on their holdings, avoiding a potential bankruptcy and allowing an affiliation agreement to proceed.

The Financial Industry Regulatory Authority ordered nine firms to pay a total of $297,500 in fines and nearly $32,000 in restitution for violating rules of the Municipal Securities Rulemaking Board.

The treasury department is replacing Benton Harbor's long-time emergency financial manager, Joe Harris, on Feb. 1.

Newly fired Detroit Corporation Counsel Krystal Crittendon announced Monday she is forming an exploratory committee for a possible bid for mayor.

Kansas Legislature must increase state aid to local schools after a Shawnee County District Court said the current level is unconstitutionally low.

The capital markets reacted favorably when the U.S. Justice Department let two Rhode Island communities use Google settlement money to replenish pension funds.

The Illinois RTA accused American Airlines and United Airlines of avoiding $300 million in sales taxes over the last seven years by conducting some business in "sham" offices set up outside of Cook County.

Two former bankers, Steven Goldberg and Peter Grimm, at an affiliate of General Electric Co. have contested a Justice Department request that they pay $6.9 million in restitution for their role in a scheme to rig bids for municipal bond reinvestment contracts.

A private-sector financial consultant wants Scranton, Pa., officials to clarify a bond-document statement that he said contradicts property tax increase plans.

Harrisburg, Pa., Controller and mayoral candidate Dan Miller said he would appeal a judge’s decision that would force him to sign an agreement that allows the distressed city’s sale of Wild West artifact collections to proceed, the Patriot-News reported.

The three popular suburban Atlanta charter schools that defaulted on $18.93 million of uninsured bonds have proposed a settlement with investors that is expected to result in a loss.

Facing a $4.3 million deficit and courting insolvency, Idaho's Nampa School District No. 131 is seeking a judge's approval to borrow up to $4.3 million to cover the shortfall.

West Penn Allegheny Health System, bondholders and Highmark are continuing talks about a $475 million affiliation agreement, with West Penn possibly avoiding bankruptcy.

El Paso, Texas, will file a bond validation lawsuit in state district court seeking an OK for its plans to issue $50.4 million of bonds for a downtown baseball stadium.

Hours after Detroit Mayor Dave Bing and the City Council fired the city's corporation counsel, Bing said a state review team's decision about whether to take over the city could come as soon as Friday.

In a case with implications for the bond industry, the U.S. Supreme Court ruling could send water flowing from Oklahoma to Texas after years of battles over interstate pipelines in the drought-prone region.

The Financial Industry Regulatory Authority assessed financial firms and individuals $68 million in fines in 2012 and ordered them to pay a record $34 million in restitution to investors, the regulator announced Tuesday.

Kentucky and Indiana settle the 2009 federal lawsuit by two nonprofit groups that could have derailed the $2.6 billion Ohio River Bridges Project. A second federal complaint is still pending.

Colorado developer Zach Davidson has been indicted on 20 counts of misusing public funds from a $31 million bond issue designed to finance an upscale housing development in affluent Greenwood Village.