Michigan governor includes Detroit pension bailout in budget
Michigan Governor Rick Snyder unveiled a new state budget on Wednesday that would allocate state funds to be used to cover Detroit workers' pensions, currently the subject of controversy in the city's bankruptcy...
Detroit files lawsuit to invalidate $1.44 billion of pension debt
Detroit on Friday filed a lawsuit in the US Bankruptcy Court for the Eastern District of Michigan seeking to invalidate the $1.44 billion of debt the city sold to finance by establishing "sham" service corporations...
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Thursday rejected a proposed $165 million settlement agreement for the now-bankrupt city of Detroit to pay off UBS and Bank of America [corporate...
Federal judge rules Detroit bankruptcy deal "too generous" towards banks
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Wednesday ordered Detroit to renegotiate its bankruptcy-related financing with UBS and Bank of America . Judge Steven Rhodes found that the deal, which required...
European Commission fines financial institutions for interest fixing
The European Commission (EC) on Wednesday fined eight international financial institutions €1.7 billion for having engaged in illegal cartels. They were all involved in cartels relating to interest rate derivatives. Some participated in a cartel...
The Federal Housing Finance Agency (FHFA) , acting in its capacity as conservator for Freddie Mac and Fannie Mae , on Friday announced a $5.1 billion settlement with JPMorgan Chase & Co. . The FHFA alleged...
Supreme Court to rule on recess appointments, abortion clinic 'buffer zone'
The US Supreme Court agreed Monday to review the president's recess appointment power . In NLRB v. Noel Canning , the court will decide: (1) whether the president's recess-appointment...
DOJ charges two former Swiss bank traders with manipulating interest rates
The US Department of Justice (DOJ) announced criminal charges Wednesday against two former UBS traders for allegedly helping UBS illegally manipulate foreign interest rates. The DOJ accused former traders Tom Hayes and Roger...
An attorney for former UBS banker Bradley Birkenfeld announced on Tuesday that the US Internal Revenue Service (IRS) awarded Birkenfeld $104 million for information leading to an agreement between UBS and the IRS for $740...
The Swiss Federal Administrative Court (FAC) on Wednesday ruled that Switzerland is not permitted to give the US Internal Revenue Service (IRS) a Credit Suisse client's account information. In a...
