Bankruptcy

A $1 billion economic development initiative in Buffalo, N.Y. is at the center of a corruption scheme that federal prosecutors say resulted in hundreds of millions of dollars being awarded for New York State contracts.

Miami City Manager Daniel Alfonso said the city has received a proposed settlement of the Securities and Exchange Commission's case, in which a jury found the city guilty of securities fraud last week.

The settlement by former baseball pitcher Curt Schilling and other 38 Studios executives with Rhode Island could push lone defendant First Southwest to the table.

For the sixth time this year, the 11th Circuit Court of Appeals has postponed oral arguments in Jefferson County, Ala.’s bankruptcy appeal.

A lawsuit filed against the state of Michigan on behalf of 14 local municipalities this month seeks to correct what they contend is a miscalculation in state aid that has shortchanged them for two decades.

Opa-locka faces potentially expensive legal challenges that could push the already troubled small south Florida city closer to bankruptcy.

San Bernardino's city attorney said the California city is on track to exit bankruptcy by the end of the year though two major creditors are trying to extend the process.

The securities fraud jury verdict against the city of Miami and its former budget director Michael Boudreaux on Wednesday will likely embolden the Securities and Exchange Commission to litigate rather than settle cases against issuers and their officials, lawyers said on Thursday.

Atlantic City is close to violating one of the terms in a $73 million state loan agreement and is asking for a reprieve.

In a first-of-a-kind verdict, a Miami jury found on Wednesday that Miami and its former budget director, Michael Boudreaux, were guilty of securities fraud for faulty disclosures in connection with three 2009 municipal bond offerings.

Amid a federal corruption probe, Opa-locka, Fla.'s former manager, David Chiverton pleaded guilty to taking pay-offs as a state financial oversight panel attempts to prevent the city from having to file for bankruptcy.

An opponent of the bond financing plan for the American Dream megamall in East Rutherford, N.J. is going to court to block the transaction.

A federal judge in Puerto Rico is allowing a lawsuit that challenges a Gov. Alejandro García Padilla executive order that declared a moratorium on constitutional debt payments after PROMESA was enacted to move forward without a stay.

Surety provider Arch Insurance will take over costs and oversee construction of a stalled minor-league ballpark in Hartford, Conn., Mayor Luke Bronin announced.

The Securities and Exchange Commission is asking a federal judge to allow it to submit an amended complaint that includes much more detailed charges against banker Peter Cannava in connection with an ill-fated private placement for startup video game company 38 Studios.

West Virginia’s attorney general has reached settlements totaling $1.28 million with four firms in a lawsuit that alleged they engaged in bid rigging and price fixing for municipal investments, the latest action in federal and state investigations of bid rigging in the muni market that stretch back more than ten years.

Debt-ridden Dowling College is shutting its doors at end of Wednesday with more than $54 million of bond debt outstanding.

Jacksonville voters agreed to keep a local half-cent sales tax for 30 years to help pay down nearly $3 billion in city pension obligations amid a lawsuit challenging Tuesday’s referendum.

A Florida panel overseeing Opa-locka’s finances learned that the city is in default on $8.6 million in privately placed bank loans and acceleration of the debt is imminent.

Caught up in a dispute between county tax appraisers and the bankrupt owner of a nuclear power plant, a tax-supported hospital district in Glen Rose, Texas, has defaulted on its debt payment, according to a disclosure notice.