Law and legal issues

Doral Financial Corp. has vowed to appeal a court decision in favor of Puerto Rico concerning $229 million in taxes.

Legislation that would allow government-owned corporations in Puerto Rico to reorganize through Chapter 9 may face an uphill battle after drawing a lukewarm reception from Republicans on a House panel Thursday.

Puerto Rico's Treasury said it won an appeal in its dispute with Doral Bank over $230 million.

Stockton's official bankruptcy exit set for Wednesday may be anticlimactic to some as a bankruptcy judge approved the city's plan of adjustment needed to exit in October.

New Jersey Gov. Chris Christie and the state's teacher's union have agreed to a "roadmap to reform" to begin solving the state’s pension challenges, the governor announced

A Colorado district court struck down the city of Aurora's plan to provide $300 million of subsidies for a Gaylord resort hotel, saying it violated the Taxpayer Bill of Rights amendment to the state constitution.

A group of Puerto Rico consumers and businesses sued the Puerto Rico Electric Power Authority, professionals at PREPA, and other energy companies for more than $1 billion.

The SEC concluded without charges an investigation it launched into Bell, Calif.'s bond debt in 2010 after fraud perpetuated on the city by the former administration came to light.

Detroit leaders are poised to send a $1 billion 2016 budget to the financial committee that oversees the bankrupt city that it hopes will be the first of three straight balanced budgets that would give the city financial independence by 2018.

A New Jersey state judge ruled against Gov. Chris Christie's efforts to curb pension payments just a day before he is scheduled to release his new budget proposal.

Easing Detroit Public Schools' debt burden is considered key to the district's revival and survival, and bankruptcy is possible, according to one of the reformers working on the turnaround effort.

Ohio Auditor David Yost has declared the city of Maple Heights to be in a state of financial emergency after the Cleveland suburb missed payments on sewer loans in January and showed deficits in its general and debt service funds.

Litigants appealing Jefferson County's bankruptcy case want Alabama Gov. Robert Bentley and Attorney General Luther Strange to join their appeal.

Ballard Spahr served as bond counsel in the issuance of $34.6 million in tax-exempt bonds that will enable a Wilmington, Del., charter school to expand into a K-12 format

A House panel will hold a hearing Feb. 26 on legislation that would allow Puerto Rico government-owned corporations to restructure their debts under Chapter 9 of the Federal Bankruptcy Code.

Michigan is reportedly looking for ways to provide debt relief for the cash-strapped Detroit Public Schools as part of a larger turnaround plan.

Federal Bankruptcy Judge Thomas Tucker, who took over Detroit's bankruptcy this week, asked attorneys to meet with him to address any lingering issues in the historic case.

Former Pennsylvania Treasurer Rob McCord pleaded guilty in a Harrisburg courtroom to two federal counts of attempted extortion.

A $35.4 million issue of revenue bonds for a private detention center in Central Texas will retain tax-exempt status following a review by the Internal Revenue Service, according to a disclosure notice.

Oral arguments in the case challenging Illinois' 2013 public pension overhaul will be heard March 11.