Bankruptcy

The Securities Exchange Commission has charged Texas Attorney General Ken Paxton with securities fraud in a case involving a Texas-based technology company. Paxton was already under indictment in Texas for acting as an unregistered financial advisor.

Kentucky Attorney General Andy Beshear, a Democrat, filed suit Monday contending that budget cuts at nine public colleges and universities ordered by Republican Gov. Matt Bevin were illegal.

The Conroe Industrial Development Corporation in Texas has paid a penalty and agreed to redeem bonds under the Internal Revenue Service’s voluntary closing agreement program (VCAP) to settle a tax violation relating to bonds it issued in 2008 and refunded in 2012.

UMB Bank N.A., the bond trustee for Texas Pellets, accelerated the outstanding debt on $186.5 million of bonds due to a default at the company owned by German Pellets, which filed for insolvency in February.

The House Natural Resources Committee is expected to release a revised version of its Puerto Rico bill on Monday, including a modification designed to avoid a constitutional challenge if the legislation is enacted, sources said.

New Jersey's apparent willingness to let Atlantic City default may hurt the credit of other municipalities because it calls into question the state's future willingness to support distressed local governments, according to Moody's Investors Service.

With Atlantic City inching closer to insolvency, the gambling hub took another hit Tuesday with a judge ruling that the Borgata Casino Hotel & Spa can seek refunds for its 2011 through 2014 property tax bills.

Wayne County, Mich. closed out fiscal 2015 with a $5.7 million surplus, reversing a prior trend of deficits that led to state oversight, according to its audited financial reports.

Most municipal bond analysts believe Chapter 9 bankruptcy is taboo for municipalities and should be avoided, according to an analyst survey by PNC Capital Markets LLC.

A federal judge approved a $20 billion settlement with BP to resolve litigation brought by five Gulf coast states over the BP Deepwater Horizon oil spill.