Law and legal issues

Recent court decisions have the potential to up the ante in lawsuits accusing major banks of manipulating the variable-rate market.

Swain said the bondholders lien on revenues and the recourse nature of the bonds needs to be determined. The judge would likely order a plan confirmation hearing take place by June 2023. 

The mall operator want a downward reassessment of the property's estimated value, a move that could reduce quarterly PILOT payments that back tax-exempt bonds.

The Utah Inland Port Authority, which sold $150 million of bonds in December, asked the audit team to provide direction on potential risks.

The Oklahoma Turnpike Authority has asked the state Supreme Court to validate bonds that would commence funding for a $5 billion, 15-year extension project.

A three-judge panel reversed a district court's ruling in favor of the city's Firefighters' Relief and Retirement Fund that the law was unconstitutional.

Hazelwood's mayor posted a letter on the city website warning of potential bankruptcy if the city can't renegotiate its deal with a fire protection district.

A county judge ruled that a lawsuit alleging Open Meeting Act violations on the part of the Oklahoma Turnpike Authority will remain in his court unless the state supreme court chooses to exercise original jurisdiction.

The inclusion of swaps has the potential to increase claimed damages in the New York State lawsuit, though banks view swap materials as providing a potential defense.

Borrower Jasper Pellets and trustee US Bank have been locked in a legal battle after the company filed for Chapter 11 bankruptcy on May 27.

Brokers should be aware that inaccurate tax reporting could force its brokerage clients to seek damages and could force dealers to make their clients sign a liability waiver, as the recent muni case Richard Goodman v. UBS Financial Services highlights.

The Oklahoma Turnpike Authority has until Feb. 5, 2023, to resolve lawsuits and get court validation.

Property owners want to halt approval of bonds for the Oklahoma Turnpike extensions.

Public finance attorney and NABL board member Johnny Hutchinson has left Squire Patton Boggs to join Nixon Peabody as a partner.

Park View School Inc., a charter school operator in Prescott Valley, has filed for bankruptcy following years of financial mismanagement and a lawsuit from the SEC.

The firm’s project finance & public finance practice comprises more than 50 attorneys and professional colleagues and is looking to add.

The Oklahoma Turnpike Authority is seeking approval from a state oversight council for bonds to begin funding an expansion project that faces two lawsuits.

Following the Supreme Court ruling in Carson v. Makin, states with bans on using bond proceeds for religious purposes may be forced to amend such laws.

Justices said criminal indictments against the former governor and other officials didn't pass legal muster. The attorney general's solicitor general says the case is not over.

The federal lawsuit brought by Philadelphia, San Diego and Baltimore on behalf of thousands of issuers is similar to a series of closely watched state whistleblower cases that claim banks manipulated interest rates on variable-rate bonds.