Headlines
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May 17, 2013
JPMorgan Chase & Co., Goldman Sachs Group Inc. and the world’s largest banks won rollbacks in final Dodd-Frank Act rules that promise to transform the private swaps market by increasing competition, Bloomberg News reported yesterday. The Commodity Futures Trading Commission voted 4-1 yesterday...
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May 17, 2013
Moody's Investors Service said yesterday that Detroit's bondholders face a heightened chance of default or bankruptcy by the city under the financial recovery plan released on Monday by the state-appointed emergency manager running the city, Reuters reported yesterday. "The plan is negative for...
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May 17, 2013
Alabama's bankrupt Jefferson County yesterday hired a new top in-house attorney as officials put the finishing touches on an exit plan meant to end America's biggest-ever municipal bankruptcy, Reuters reported yesterday. Carol Sue Nelson, a Birmingham lawyer with Maynard, Cooper & Gale, was...
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May 17, 2013
A study of cancer patients in Washington State has found they were twice as likely to file for bankruptcy as people without cancer, the New York Times reported yesterday. The study, led by researchers from the Fred Hutchinson Cancer Research Center in Seattle, linked bankruptcy court records and...
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May 17, 2013
An effort by creditors to force defunct investment vehicle TPG Troy into bankruptcy has fallen flat after a judge dismissed the case, citing ongoing litigation over the creditors' claims, Reuters reported yesterday. Tossing out the chapter 7 proceeding on May 9, Bankruptcy Judge Martin Glenn said...
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May 17, 2013
Patriot Coal Corp. can pay $6.9 million in bonuses to key employees, a judge said, rejecting union claims that the payments wrongly benefit corporate insiders, Bloomberg News reported yesterday. Bankruptcy Judge Kathy A. Surratt-States yesterday granted the company’s request to pay 274 people under...
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May 17, 2013
A decades-old whistleblower lawsuit that prompted Congress to change the law that is intended to expose corporate fraud on the government is still haunting the remnants of the old General Motors—and is holding up the distribution of $50 million to the bankruptcy estate's creditors, Dow Jones Daily...
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May 17, 2013
Holders of almost $240 million of municipal debt issued to finance parking garages at the new Yankee Stadium and the operator of the facility agreed to prevent an immediate bankruptcy filing, Bloomberg News reported yesterday. Owners of a majority of the debt said that they would not sue Bronx...
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May 17, 2013
The U.S. legal system is the world’s most costly, according to a study released this week by the U.S. Chamber Institute for Legal Reform, Corporate Counsel reported today. The study, conducted by NERA Economic Consulting, showed that the American system costs about one and a half times more than...
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May 17, 2013
Wells Fargo & Co. is set to ask a federal judge today to cancel the class-action status he approved for institutional investors, claiming that the bank marketed a risky securities-lending program as being safe, Bloomberg News reported today. U.S. District Judge Donovan W. Frank in St. Paul,...
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May 17, 2013
Financial regulators are taking a harder line on exchanges amid concerns over their ability to police the markets they operate, as the SEC prepares to hit one with a record penalty, the Wall Street Journal reported today. In a sign of its more aggressive regulatory approach, the U.S. Securities and...
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May 17, 2013
Rulemakers around the world yesterday issued a new proposal on accounting for leases that would require many companies to report vastly larger amounts of assets and liabilities than they do now, the New York Times reported yesterday. Under current rules, companies are generally able to classify...
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