Bankruptcy

WASHINGTON — In a new challenge to the Securities and Exchange Commission’s enforcement jurisdiction over certain swaps, attorneys for two former JPMorgan bankers that secured swap transactions for the firm with Jefferson County, Ala., are urging a federal judge to throw out most of the securities fraud charges the SEC filed against them in November.

BRADENTON, Fla. — Alabama federal judge Scott Coogler Tuesday denied former Birmingham Mayor Larry Langford’s motion for a new trial.

West Virginia’s pension system reported last week its unfunded liabilities jumped by about $2 billion, or 41%, in fiscal 2009. The Consolidated Public Retirement Board said obligations to retirees in the state’s seven pension funds increased to $7 billion for the fiscal year ending June 30.

Miami commissioners late last week approved the sale of $92 million of bonds to build parking facilities for the Florida Marlins’ new baseball stadium, which is under construction.

CHICAGO — Repayment of about $46 million of taxable tribal gaming revenue bonds from a $50 million issue on behalf of the Lac du Flambeau tribe in Wisconsin remains in question as investors decide their next move, following a federal judge’s dismissal of their case seeking to enforce their bond indenture rights.

WASHINGTON — The Nebraska Supreme Court last week dismissed a lawsuit brought by Falls City against the Nebraska Municipal Power Pool and three of its staff members.

The Financial Industry Regulatory Authority Inc. fined Southwest Securities Inc. $54,500 and ordered it to pay $23,394 to customers for municipal securities trade reporting and pricing violations as well as non-muni violations. FINRA also fined San-Francisco-based Charles Schwab & Co. $25,000 for muni trade reporting violations.

WASHINGTON — More than $200 million of toll revenue bonds issued by the Connector 2000 Association Inc. for a 16-mile toll road in Greenville County, S.C., defaulted on Jan. 1, in what sources said is the first public-private partnership default in the state.

SAN FRANCISCO — The Las Vegas Monorail Co., which has more than $600 million of municipal bonds outstanding, sought Chapter 11 bankruptcy protection Wednesday.

Matt Dalton is willing to buy the debt of a bankrupt borrower — and he can’t find any for sale at a suitable price.

Only in municipal bonds.Matt Dalton is willing to buy the debt of a bankrupt borrower — and he can’t find any for sale at a suitable price.

San Diego Mayor Jerry Sanders ruled out bankruptcy and pledged to balance the city’s structural budget deficit within the next 18 months in his annual state of the city address this week.

WASHINGTON — In the biggest reorganization of its enforcement division in 30 years, the Securities and Exchange Commission Wednesday announced the new heads of five specialized enforcement units, including Elaine Greenberg, who will lead a unit expected to boost enforcement of municipal securities and public pension abuses.

WASHINGTON — Two environmental groups critical of coal-fired electric plants are urging the Securities and Exchange Commission to encourage broker-dealers that underwrite municipal bonds for such projects to provide more disclosure about the regulatory and fiscal changes stemming from climate change.

BRADENTON, Fla. — The ­Louisiana Citizens Property Insurance Corp. is seeking more than $10 million in damages in a federal suit against JPMorgan and Bear, Stearns & Co. over failed auction-rate securities that the state-run, nonprofit insurer was forced to refinance.

Moody’s Investors Service has placed Coon Rapids’ $1.8 million of multifamily housing revenue refunding bonds for the Pine Point Apartments project on watch due to a possible default based on the transaction’s asset-to-debt ratio and projected cash flows.

BRADENTON, Fla. — After more than a year of negotiations, New Orleans has filed an amended complaint in its federal suit against Ambac Assurance Corp., Ambac Financial Services LLC, PaineWebber Capital Services Inc., and UBS Securities LLC.

Seven groups representing state securities regulators, investors, and investment advisers are urging leaders of the Senate Banking Committee not to water down language in its draft financial regulatory reform legislation that would require every individual that provides investment advice to be held to a fiduciary duty under the Investment Advisers Act of 1940.

The Court of Federal Claims has rejected Wells Fargo & Co.’s attempt to claim a $115 million tax deduction stemming from 26 sale-in, lease-out transactions, 17 of which involved public transit agencies, saying that the deals lacked economic substance.

Financial Guaranty Insurance Corp. met the regulatory deadline to submit a proposal to repair its battered finances.