Detroit Lacks Standing To Intervene In Swap Agreement Case, Syncora Argues

Detroit Lacks Standing To Intervene In Swap Agreement Case, Syncora Argues

DETROIT - Syncora Guarantee Inc., which insures municipal bonds, on Nov. 26 filed a brief in the U.S. Bankruptcy Court for the Eastern District of Michigan arguing that the bankrupt City of Detroit lacks standing to expedite the Bankruptcy Court's consideration of Syncora's state law action against nondebtor defendant banks related to contracts referred to as swap agreements that were negotiated and executed seven years before the city's bankruptcy (Syncora Guarantee Inc. v. UBS AG, et al. $(In Re: City of Detroit$), No. 13-53846, Chapter 9, E.D. Mich. Bkcy.).

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