Variable-rate bonds

Two courts have interpreted a legal question key to the VRDO lawsuits very differently.

The complaint filed by Philadelphia and Baltimore fails to rise to the level of specificity needed to prove conspiracy, Wall Street banks told a federal judge.

The court ruled against an interlocutory appeal by JPMorgan and other defendants accused of collusion in pricing variable rate demand obligations.

Morgan Stanley will price the flexible-rate deal with a 1.95% coupon, according to pre-sale pricing guidance.

The amended lawsuit references inside sources who allegedly confirm that the banks worked together in violation of antitrust law.

Lawsuits accusing banks and broker-dealers of fraud in the variable-rate demand obligation market helped cement the decision to use the platform.

Adding $374 million alleged in New York to the three other cases also filed by Johan Rosenberg brings the total damages claimed to $1.58 billion.

The orchestra received a first-time A rating from S&P Global Ratings ahead of its bond sale next week.

Philadelphia awarded a $190 million general obligation deal to banks the city is suing, alleging collusion on variable-rate debt.

Whistleblower Johan Rosenberg has alleged that the conspiracy cost issuers over $1 billion — $719 million in California, $349 million in Illinois, and $134 million in Massachusetts.

The lawsuit filed in federal court is now the second national suit alleging fraud in the variable-rate debt market.

The man behind the allegations of widespread VRDO fraud is Bjorn Johan Rosenberg.

A large municipality with strong legal representation will draw attention, even from those skeptical of whistleblower suits alleging bank fraud in the variable-rate demand obligation market.

Formal allegations of fraud by banks in the pricing of variable rate debt obligations appeared in a fourth state.

The Chapter 11 filing creates uncertainty for the state and localities where the utility operates.

About $920 million of the investor owned utility's debt is in the form of municipal bonds.

Rating agencies don't expect major impacts to state and local governments from the troubled California utility's pending bankruptcy.

Capital finance director David Erdman says VRDO fraud lawsuits piqued his interest in Clarity's platform.

Three lawsuits claiming fraud in the variable-rate demand obligation market are headed toward key court rulings in coming weeks.

A planned elimination of variable-rate debt exposure and termination of outstanding swaps lifted the bi-state transportation agency's rating outlook.