Headlines

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Format: 07-23-2014
July 23, 2014
A U.S. judge has ordered Argentina and investors who did not participate in the country's past debt restructurings to meet "continuously" with a court-appointed mediator until a settlement is reached, warning of the threat of a new default, Reuters reported yesterday. U.S. District Judge Thomas...
July 23, 2014
A federal appeals court ordered Travelers Cos. Inc. to pay more than $500 million to thousands of asbestos victims in a case stemming from the insurer's coverage of Johns-Manville Corp., Reuters reported today. The Second U.S. Circuit Court of Appeals reversed a February 2012 ruling in which U.S....
July 23, 2014
Financial Guaranty Insurance Co. (FGIC) and Syncora said on Tuesday that they plan to fight Detroit in federal court on the grounds that the city is giving a much better deal to city pensioners and is unfairly discriminating against bondholders from whom the city has borrowed heavily, The Christian...
July 23, 2014
Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities, even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a...
July 23, 2014
Lawmakers widely concerned about the wave of companies reincorporating overseas to avoid U.S. taxes split along partisan lines Tuesday, The Wall Street Journal reported yesterday. It is far from clear that Congress will take any action in response to the wave of mergers between U.S. and foreign...
July 23, 2014
The company at the center of a chemical spill into West Virginia’s largest water supply was back in bankruptcy court on Tuesday, The Associated Press reported yesterday. Freedom Industries had a hearing yesterday morning in the U.S. Bankruptcy Court in Charleston, W.Va., that involves a $2.9...
July 23, 2014
CIT Group Inc. announced that it has agreed to buy OneWest Bank NA's parent company for $3.4 billion in the largest full-bank acquisition announced since 2012, The Wall Street Journal reported yesterday. CIT’s shares rose 11 percent in afternoon trading as investors cheered the cash-and-stock...
July 23, 2014
Former Jefferies & Co. managing director Jesse Litvak, the only person convicted of fraud related to a $20 billion government bail-out program, may spend almost a decade in prison for lying to his customers about mortgage-backed securities, Bloomberg reported today. Litvak was found guilty by a...
July 23, 2014
CitiMortgage is suing two Chicago bankers, Steve and John Calk, alleging that a mortgage bank that the brothers once operated had provided inaccurate residential loan underwriting documents, The St. Louis Post-Dispatch reported on Monday. O’Fallon, Mo.-based CitiMortgage is seeking more than $4.5...
July 23, 2014
For-profit school company BioHealth College Inc., which operates four Bryman College campuses in California, has filed for chapter 11 protection, The Wall Street Journal reported Monday. A bankruptcy filing usually results in the U.S. Department of Education revoking the school’s status as an...
July 23, 2014
Oklahoma City-based Epworth Villa recently lost a multi-million dollar lawsuit and now says that it cannot afford to pay what the judge has ordered and stay afloat, KFOR.com reported yesterday. The nursing home is undergoing $65 million worth of construction. Even though they now owe a resident $15...
July 22, 2014
Detroit's city workers and retirees overwhelmingly agreed to accept the city's debt-adjustment plan, according to results filed late Monday, potentially clearing the way for the struggling city to exit bankruptcy in the next few months, Reuters reported today. Documents filed in bankruptcy court...