Bankruptcy

New York Attorney General Andrew Cuomo Thursday recouped nearly $12 million for the Empire State from four firms and one individual connected to illegal investment actions of the state’s pension fund.

The California Senate plans to hold hearings Wednesday on a bill that would limit municipal bankruptcies in the state.

California redevelopment agencies expect a court to rule on the constitutionality of a $2.05 billion state raid on redevelopment revenue before a looming deadline for first payments by the agencies.

Gov. Sonny Perdue Tuesday announced that he appointed a special attorney general, who will work for free, to direct Georgia’s participation in challenging the federal health care legislation recently passed by Congress.

Alabama state senators Tuesday passed a bill that originated in the House placing strict requirements on Jefferson County’s issuance of debt and use of swaps. The measure is now on its way to Gov. Bob Riley.

WASHINGTON — At least six state securities regulators are considering enforcement action against banks and broker-dealers that have failed to commit their “best efforts” to restore liquidity to institutional investors in auction-rate securities, according to David Massey, North Carolina’s deputy securities ­administrator.

A circuit court judge in northwest Indiana ruled this week that Porter County could not withdraw from a local regional development authority.

Five of the six complaints bond insurer MBIA Insurance Corp. filed in April 2009 against Merrill Lynch were dismissed by the New York Supreme Court late Friday.

The Financial Industry Regulatory Authority fined D.A. Davidson & Co. $375,000 for failing to protect confidential customer information that hackers stole from its computer systems in late 2007, but credited the firm for its response to customers after it learned of the breach and for cooperating with criminal law enforcement agencies.

A U.S. district court judge last week dismissed a lawsuit against the Metropolitan Washington Airports Authority that contested its right to collect toll revenues that secure more than $900 million of MWAA's outstanding bonds. The bond proceeds are helping to finance the system's expansion of rail service to Washington Dulles International Airport.

Los Angeles city administrative officer Miguel Santana, who was leading efforts to close the city's $212 million budget deficit, took a leave of absence last week after being arrested for alleged drunk driving.

WASHINGTON — The National Association of Bond Lawyers is urging federal regulators to put a notice on EMMA alerting investors that rating information in offering and continuing disclosure documents may not be accurate as credit rating agencies recalibrate the ratings for tens of thousands of municipal bonds.

Bank of America Merrill Lynch will pay New Jersey $4.87 million and repurchase auction-rate securities sold to investors in a settlement agreement over alleged misinformation regarding the floating-rate securities.

BRADENTON, Fla. — The Florida Supreme Court is scheduled to hear oral arguments today in the long quest by South Florida water managers to validate $650 million of certificates of ­participation.

A lawsuit charging Syncora Holdings Ltd. with fraudulent misrepresentation was dismissed by the U.S. District Court of the Southern District of New York ­Wednesday.

BRADENTON, Fla. — While former Jefferson County, Ala., Commission president Larry Langford must report to federal prison tomorrow to begin serving his 15-year sentence on pay-to-play charges, things could get worse for the 63-year-old dethroned Birmingham mayor.

WASHINGTON — The District of Columbia’s convention center hotel project, which has been delayed for years, may finally be getting closer to financing, with a possible $250 million bond sale later this spring following a favorable court ruling last week, district officials said.

WASHINGTON — A group of California cities and localities are urging a federal judge in Manhattan not to dismiss the 13 cases they brought against Wells Fargo & Co. and 44 other banks, broker-dealers and investment brokers, charging they conspired to rig bids and fix prices of guaranteed investment and derivatives contracts in the muni market.

In a rare move for a lawmaker, House Financial Services Committee chairman Barney Frank announced Thursday that he has prohibited his staff from having any contact with a former aide who joined a company that operates derivatives exchanges after playing a key role in writing last year’s derivatives legislation.

A labor union filed a lawsuit last week to try to stop a Bronx hospital from using recovery zone facility bonds to build a parking garage. The suit seeks an injunction to stop finalization of the financing and to require the public hearing process to begin again.