Bankruptcy

Ambac Assurance Corp. sued the Puerto Rico Highways and Transportation Authority to prevent what the insurer called improper siphoning of money.

Ramapo, N.Y. was too highly rated by Moody’s Investors Service and remains so after recent federal charges against town officials, according to a report from Gurtin Fixed Income Management.

Richland County, S.C., has set aside funds to pay off a $50 million bond anticipation note amid a probe into what state officials claim are improper expenditures of revenue of a local transportation sales tax.

Detroit Public Schools is moving perilously closer to a possible default or Chapter 9 filing, Moody's Investors Service said in a commentary.

The junk-rated Chicago Public Schools doesn't meet any of five state criteria to warrant further state intervention, the Illinois State Board of Education has found.

With the House Natural Resources Committee planning to release a new Puerto Rico bill on Wednesday and vote on it a week later, Treasury Secretary Jack Lew traveled to the commonwealth to hold meetings to drum up support for a legislative solution.

East Cleveland, Ohio says it is insolvent and bankruptcy is its best option to preserve essential public services in the city of 18,000, which has no bond debt.

A Chicago-based investment advisor faces jail time after pocketing more than $4 million from the sale of phony Chicago-backed securities that she described as "Chicago Anticipatory Notes."

Florida-based GrayRobinson PA has teamed up with Capitol Insight, an influential lobbying group that will complement its government relations and lobbying practice, the firm said Wednesday.

New Jersey Gov. Chris Christie said he would rather Atlantic City file for bankruptcy than send more money to the gambling hub, and will let the city file if lawmakers don’t approve the rescue bill he supports.