Law and legal issues

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

Frank Caprio, if he regains the Rhode Island treasurer's office, wants to go after the bond rating agencies as controversy simmers over 38 Studios.

The judge overseeing Detroit's bankruptcy case Monday outlined 14 legal questions related to the city's plan of confirmation, three of which are related to Detroit's proposed treatment of its bondholders.

A real estate revenue drop and lowered pension assumptions have triggered a budget deficit in Pittsburgh, said the city's financial recovery consultants.

Fitch Ratings warned it would cut its rating on $5.7 billion of Detroit's water and sewer debt to as low as D if the bankruptcy court approves the city's current plan of debt adjustment.

A House representative has introduced a bill to an 11-bill package tied to Detroit's bankruptcy that would allow the city's mayor to sit on a key oversight board.

Pittsburgh, through consultants Public Financial Management and Eckert Seamans Cherin & Mellott, has filed an update to its financial recovery plan under Pennsylvania's Act 47 workout program for distressed communities.

Emergency Manager Kevyn Orr said Detroit would be more attractive to Wall Street than ever once the bankrupt city emerges from Chapter 9 bankruptcy later this year.

The first hearing in Jefferson County, Ala.'s bankruptcy appeal has been reset to July 18 from May 15 due to a court scheduling conflict.

King's Daughters Medical Center will pay $40.9 million to settle allegations of federal health care fraud, a penalty that is among the largest of its kind in Kentucky.

Reports last week of a push for Chapter 9 legislation by North Las Vegas were "factually inaccurate," according to Ryann Juden, a spokesman.

Detroit's attorneys said they are in the midst of an effort to put a price tag on the city's art collection following repeated requests from bond insurers and other financial creditors.

The Detroit Institute of Arts, which has found itself at the center of the city's high-profile bankruptcy, warned that any attempt by creditors to cash in on the city owned museum's art would spark expensive litigation and undermine Detroit's post-Chapter 9 recovery.

Nearly a quarter of Detroit's buildings suffer from blight, and it would take $2 billion to fix the problem across the city, according to a report released Tuesday.

Wayne County, Mich. plans to erase a major chunk of its deficit by shifting more money than expected from its delinquent property tax fund, while it faces a lawsuit challenging the county’s struggling pension fund.

Arizona schools are awaiting a ruling on how much the state owes local school districts for money withheld during the recession to help balance the state budget.

Martha Kopacz, municipal finance expert witness to the Detroit bankruptcy case, asked the court Friday to force the city and Ernst & Young to turn over key documents that they have so far refused to release.

The Virginia Tobacco Settlement Financing Corp. plans to draw on reserves Dec. 1 because revenues won't be sufficient to pay debt service.

Bond insurer Syncora Guarantee’s appeal of a key Detroit bankruptcy matter was assigned to a judge Thursday.

Allen High School's $60 million bond-funded stadium will remain closed for the 2014 football season due to design flaws that led to cracks in its concrete, the suburban Dallas school district announced.