Headlines

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Format: 09-03-2014
September 2, 2014
Detroit’s plan to fix its finances with hundreds of millions of dollars in private donations comes years after the U.S. automotive capital got hooked on philanthropy to rebuild its blighted neighborhoods, revamp its riverfront and lure new businesses, Bloomberg News reported today. Since at least...
September 2, 2014
As Bankruptcy Judge Steven Rhodes begins hearings today to determine whether Detroit's readjustment plan fulfills the legal and fiscal requirements to exit Chapter 9 bankruptcy, some creditors are making out far better than others with similar legal standing, according to a Wall Street Journal...
September 2, 2014
Trustee Irving Picard, who is winding down Bernard Madoff's investment firm, wants another opportunity to sue defendants that benefited from his Ponzi scheme after two major district court rulings "substantially altered the legal landscape,” Dow Jones Daily Bankruptcy Review reported today. Picard...
September 2, 2014
The Roman Catholic Diocese of Helena in western Montana will soon ask a bankruptcy judge to approve a key settlement with its insurance carriers that will be used to compensate about 380 individuals who allege they were sexually abused by clergy members, the Wall Street Journal reported on Saturday...
September 2, 2014
New York Attorney General Eric T. Schneiderman is expected to file a suit as early as today accusing Evans Bank of denying mortgages to African-Americans in Buffalo regardless of their credit, the New York Times reported today. The case, expected to accuse Evans Bank of violating the Fair Housing...
September 2, 2014
Six years after Angelo Mozilo lost control of the largest mortgage lender in the U.S., and days after news that the U.S. Attorney’s Office in Los Angeles plans to sue him, the Countrywide Financial Corp. founder is baffled by a new effort to punish him, Bloomberg News reported today. Mozilo remains...
September 2, 2014
JPMorgan Chase & Co.’s operational risk-weighted assets, a measure devised by regulators that determines how much capital the bank needs to hold against potential losses from human error, external threats, fraud and litigation, rose 6.7 percent in the second quarter to $400 billion, Bloomberg...
September 2, 2014
General Motors Co.'s record recalls of nearly 30 million cars and trucks across the globe, including those for ignition-switch defects, has so tainted the brand that every one of its customers has lost money, according to plaintiffs attorneys planning a nationwide class action against GM next month...
September 2, 2014
Major League Baseball’s Houston Astros and the National Basketball Association’s Houston Rockets are fighting to cut partner Comcast Corp.’s claim for a $100 million loan to the bankrupt cable network that televises the teams’ games, Bloomberg News reported on Friday. The largest U.S. cable...
September 2, 2014
China's National Electric Vehicle Sweden, which bought bankrupt carmaker Saab in 2012, won protection from creditors from a Swedish court on Friday while it concludes funding talks, Reuters reported on Friday. The decision gives the company, which has not built any cars since May because of a...
August 29, 2014
The U.S. bankruptcy court judge in the Detroit bankruptcy case yesterday removed allegations made by one of Detroit's remaining holdout creditors against mediators in the city's municipal bankruptcy case, Reuters reported today. Hon. Steven Rhodes chastised Syncora Guarantee Inc. for claiming in an...
August 29, 2014
Detroit won a commitment from Barclays Plc for $275 million in financing to fund the city’s exit from its landmark bankruptcy if a judge approves its debt-cutting plans at a trial slated to start next week, Bloomberg reported yesterday. Detroit is seeking court approval to eliminate more than $7...