Law and legal issues

The Illinois Attorney General maintains it is unclear whether the state was even defrauded by the Wall Street banks that are accused of rate-rigging by a whistleblower.

The decision to cut Build America Bond subsidies marks a "multi-billion-dollar broken promise by the federal government," said public power agencies that have sued the United States.

While acknowledging disputed allegations of mismanagement and infractions on the part of venue owner Legacy Cares, the judge denied a motion by the U.S. trustee in the Chapter 11 bankruptcy to appoint an independent trustee or dismiss the case.

Mercy Hospital plans to sell facilities and other assets to the University of Iowa, which approved $20 million for the acquisition.

American Advanced Management signed a letter of intent for a lease-to-buy agreement for Hazel Hawkins Memorial Hospital in Hollister.

The 1998 Master Settlement Agreement from the Big Tobacco companies offers a template, but experts say the structure of the opioid settlement differs in key ways when it comes to state and local governments spending the money.  

The turnpike authority will now seek reapproval from the Oklahoma Council of Bond Oversight before it can head to the municipal bond market.

Major bondholder Preston Hollow and the trustee for $86 million of debt sold for Mercy Iowa City in 2011 and 2018 pointed to default events.

The state-created agency has a plan to finally tap hitherto unused proceeds from a 2021 bond issue.

Bondholders, other creditors, and the venue's owner argued the U.S. trustee's move would be detrimental for a plan to sell the facility to maximize recoveries.

New Jersey sued the federal government to block a plan to charge drivers entering midtown Manhattan, claiming federal regulatory approval was ill-considered.

Utilities paid sky-high prices for natural gas and power during Winter Storm Uri, leading to the issuance last year of nearly $2.9 billion of bonds to cover those costs.

The decision signals the end of a legal saga that began last year when local residents opposed validation of $15 billion of municipal bonds.

Amid bankruptcy proceedings, the project's owner and bondholders agreed to a plan to re-issue most of the defaulted debt.

The group of banks would pay $68 million to settle the lawsuit, which originally estimated damages at $340 million.

The FOMB needs to return to its "deal mindset" so that we can end the bankruptcy at PREPA. While gaps remain between the FOMB's and bondholders' affordability analyses, they are not insurmountable.

As the Oklahoma Supreme Court nears a decision on the validity of initial bonds for the turnpike's $5 billion project, property owners again raised objections.

The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.

A federal bankruptcy judge will hold a hearing later this month on appointing an independent trustee for Legacy Cares or dismissing the case.

State lawmakers passed bills aimed at the city's home-rule powers and a union contract impasse, as well as funding for a convention center expansion.