Headlines

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Format: 07-31-2014
July 31, 2014
With Standard & Poor’s saying that Argentina is in default and last-minute plans to remedy the situation falling through, investor focus is turning to whether holders of $29 billion of bonds will demand immediate repayment, Bloomberg News reported yesterday. The nation missed a deadline...
July 31, 2014
The U.S. Court of Appeals for the Sixth Circuit yesterday had some criticism for a bond insurer’s bid to block Detroit from accessing casino revenue, with one judge calling the creditor’s efforts “fairly Draconian,” the Detroit News reported today. The panel was considering an appeal from Syncora...
July 31, 2014
U.S. District Judge Jed Rakoff has ordered the Bank of America to pay $1.27 billion in penalties in connection with a wide-ranging mortgage fraud perpetrated by its Countrywide financial unit, and slapped a $1 million personal judgment on a former Countrywide executive, the New York Law Journal...
July 31, 2014
The Senate Banking Committee will hold a hearing at 10 a.m. ET today titled “Financial Products for Students: Issues and Challenges.” To view the witness list, prepared testimony and to obtain a link to the hearing, please click here: http://www.banking.senate.gov/public/index.cfm?FuseAction=...
July 31, 2014
A a judge yesterday ordered the Archdiocese of Milwaukee must come up with $1.35 million to pay lawyers involved in its ongoing bankruptcy case, at least a portion of the many more millions they're owed, the Milwaukee Journal Sentinel reported today. The lawyers and other professionals involved...
July 31, 2014
A judge yesterday said that the trustee unwinding Lehman Brothers Inc. could create a $3 billion-plus fund to pay back unsecured creditors of the brokerage, Dow Jones Daily Bankruptcy Review reported today. A spokesman for James W. Giddens, the trustee in charge of the brokerage, said Bankruptcy...
July 31, 2014
Revel AC Inc., whose Atlantic City, N.J., casino has been in bankruptcy twice since it opened in 2012, won permission to pay executive bonuses of as much as $1.75 million tied to the sale of its business, Bloomberg News reported yesterday. U.S. Bankruptcy Judge Gloria M. Burns at a hearing...
July 31, 2014
Bankruptcy Judge Magdeline D. Coleman approved the liquidation plan of the partnership behind the failed Foxwoods Casino project in South Philadelphia, Philly.com reported yesterday. The Foxwoods group, formally known and Philadelphia Entertainment & Development Partners L.P., has huge debts,...
July 31, 2014
A Texas lawyer on Tuesday filed a lawsuit against General Motors Co. on behalf of 658 people who the law firm alleges either died or were injured due to the automaker’s ignition switch defect, the Detroit News reported today. The lawsuit comes just days before independent compensation expert...
July 31, 2014
U.S. regulators need flexibility in overseeing cross-border swaps, a lawyer for the Commodity Futures Trading Commission told a federal judge as he defended the agency’s reliance on guidance rather than formal rules in a lawsuit brought by Wall Street’s largest lobbying groups, Bloomberg News...
July 30, 2014
Members of Argentina's banking association, known as Adeba, are working on a last-minute plan to help the country avoid default, the Wall Street Journal reported today. News of the plan came as Argentina's economy minister said yesterday that the country would continue negotiations today with...
July 30, 2014
Holders of Argentine Euro bonds filed an emergency request that a U.S. judge halt litigation over the South American nation’s defaulted bonds, citing an agreement by some debt-holders to waive a key clause as justification to allow settlement talks extra time, Bloomberg News reported yesterday. U.S...