Litigation

The state asked the U.S. Supreme Court to deny a request to hear arguments seeking to overturn a capital gains tax expected to bring in $500 million annually.

The whistleblower who brought the case, Minnesota-based municipal advisor Johan Rosenberg, will receive $14.4 million under the deal.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

"Nothing is off the table in terms of looking at who we can potentially charge," said Brian Fagel, assistant director of the SEC's Public Finance Abuse Unit.  

At stake is nearly $800 million in Federal Transit Administration funds.

Legacy Cares, which filed for bankruptcy in May, is trying to sell Legacy Park, which was financed with now-defaulted bonds issued in 2020 and 2021.

California lawmakers have asked the state Supreme Court to block a ballot measure that would radically alter the state's tax structure.

Final state approval of the debt was conditioned on the resolution of a petition to the Oklahoma Supreme Court to revisit its Aug. 1 validation of the debt.

With class certification now in hand, the cities that brought the lawsuit have two weeks to outline how other municipalities will be provided notice of the chance to join.

Kevin Stitt ordered a special session to put the state on a path to zero income taxes and consider a proposal sparked by a dispute over Native American taxation.