Bankruptcy

The time may be ripe to rethink Michigan’s emergency management law after the Flint and Detroit Public Schools crises exposed flaws that critics say highlight how the law can fail citizens and ultimately hurt the state’s credit.

New Jersey has filed a lawsuit against Atlantic City seeking to recover more than $30 million the municipality owes its school district, Gov. Chris Christie announced Monday.

Kroll Bond Rating Agency downgraded Chicago’s general obligation bond rating one notch to BBB-plus in response to the Illinois Supreme Court’s decision tossing its 2014 overhaul of two of its four pension funds.

San Bernardino’s bankruptcy settlement agreement with pension bondholders is a credit negative, according to Moody’s Investors Service.

A group of investors sued the Government Development Bank for Puerto Rico Monday to protect their interests after the governor said the bank can't make its $423 million debt payment due May 1.

Atlantic City’s credit crating was slashed two notches to Caa3 by Moody’s Investors Service Monday as default concerns persist over the gambling hub.

Kentucky Attorney General Andy Beshear said Friday he will file suit if Gov. Matt Bevin fails to rescind immediate budget cuts the governor imposed at state colleges and universities.

The Chicago Board of Education is not subject to rules that allow the State Board of Education to curb the borrowing powers of financially distressed districts, Illinois Attorney General Lisa Madigan said in a special opinion.

Legal and political processes must lead to pension fixes in Chicago, California, and around the country, said leaders of an advocacy group dedicated to public sector pension reform.

The Supreme Court’s refusal to take up a case on the Securities and Exchange Commission’s use of administrative proceedings to impose penalties in enforcement cases prompted a law firm to recommend those subject to administrative proceedings to challenge their constitutionality.