Bankruptcy

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.