Bankruptcy

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.

A new civil fraud unit will look into financial fraud, including any related to the American Recovery and Reinvestment Act and the Troubled Asset Relief Program, Preet Bharara, U.S. attorney for the Southern District of New York, announced last week.

BRADENTON, Fla. — A federal judge in Alabama has denied former Jefferson County Commission president and Birmingham mayor Larry Langford’s request to remain free on bond while appealing his federal conviction on pay-to-play charges.

Former Jefferson County commissioner and Birmingham mayor Larry Langford is scheduled to report to prison Monday to begin a 15-year sentence. But his attorneys have asked that he be allowed to post bond and remain free pending an appeal of his federal pay-to-play conviction before the 11th U.S. Circuit Court of Appeals in Atlanta.

SAN FRANCISCO — After California granted a franchise to build a private toll highway in San Diego County, it took almost 17 years before the 10-mile road opened to the public.

About one-third of New York’s 114 industrial development agencies have joined in a lawsuit challenging assessments on their revenue by the state. Attorneys for the New York State Economic Development Council, a trade group representing economic development professionals, filed the action in state Supreme Court in Albany on Friday.

SAN FRANCISCO — When ­Wisconsin’s insurance regulator divided Ambac Assurance Corp.’s insurance portfolio into good and bad policies last week, municipal bonds issued for the bankrupt Las Vegas Monorail were the only muni debt placed into the Ambac rehabilitation account, which consists largely of the toxic mortgage-related securities that brought the company to its knees.

WASHINGTON — The Justice Department’s antitrust investigation has found dozens of firms and individuals conspired for at least six to eight years to secretly control the bidding for municipal bond investment and other contracts in more than 250 transactions, according to documents filed with a federal court in Manhattan.

The International Swaps and Derivatives Association Inc. announced Friday that a bankruptcy credit event had occurred in respect of Ambac Assurance Corp.

BRADENTON, Fla. — Three Louisiana issuers have seen movement in their federal lawsuits against insurers and underwriters that were involved with their failed variable- and auction-rate securities.