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NY Cities ‘Close to Bankruptcy’

Several of New York's largest cities, including Rochester, Syracuse and Yonkers, are "close to bankruptcy," a source close to the mayors of those cities said last week. The mayors have been in secret talks on their financial options in recent weeks, and aides to Gov. Andrew Cuomo (D...

2nd Circuit: Bankruptcy Court Order Final; Insurers’ Deals With Asbestos Claimants Valid

NEW YORK — (Mealey's) The Second Circuit U.S. Court of Appeals on July 22 reinstated a federal bankruptcy court ruling requiring two insurance companies to pay $510 million to asbestos personal injury plaintiffs under decades-old settlements, finding that conditions precedent to payment under...