Bankruptcy

A Financial Industry Regulatory Authority arbitration panel this week approved the removal of a complaint about Puerto Rico bonds from a financial advisor’s record after concluding the advisor kept the investor adequately informed of the risks posed by the bonds throughout their seven-year relationship.

Republican lawmakers from both the Senate and House introduced legislation on Thursday that would make the courts, rather than federal agencies, responsible for interpreting and determining the reasonableness of federal rules.

Detroit Public Schools got some positive news on Wednesday by way of nearly $50 million of emergency funding that cleared a House committee Wednesday.

Ferguson and the U.S. Justice Department will soon seek court approval on a consent agreement that outlines municipal court and policing reforms.

In a financial mess that spans the Atlantic, Louisiana affiliates of a German wood pellet processing firm filed for Chapter 11 bankruptcy, potentially leaving bond investors on the hook for a project poised to receive millions in state incentives.

The collapse of the Port St. Lucie, Fla.-based Vaccine and Gene Therapy Institute prompted Moody's Investors Service to review the city’s bond ratings for possible downgrade.

Senate Democrats on Tuesday introduced another bill that would give Puerto Rico broad debt restructuring capabilities.

Presidential candidate Sen. Bernie Sanders released a plan for Puerto Rico on Monday that proposes extending Chapter 9 bankruptcy protections to the commonwealth’s municipalities and contains several healthcare and environmental initiatives.

Jefferson County, Ala., said in a notice Monday it paid $5.37 million earlier this month to the Internal Revenue Service for investing some of its 2004 school warrants at interest rates higher than allowed by federal tax laws.

Sen. Bob Menendez, D-N.J., and several other Senate Democrats introduced two bills on Monday to give Puerto Rico broad restructuring powers as well as better federal tax and healthcare treatment, but the legislative package is likely to face stiff resistance in Congress where many Republicans have opposed territory-wide debt adjustments.