U.S. Bank National Association News
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Verizon Communications Inc., the second-biggest U.S. telephone company, was sued for $2.85 billion in debt and interest stemming from its relationship with bankrupt directory company Idearc.
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J.C. Penney Co., which last week asked a Delaware judge to schedule a trial in April over its dispute with bondholders threatening to declare the company in technical default, said today it received a letter from holders’ lawyers withdrawing and rescinding the default.
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J.C. Penney Co. asked a Delaware judge to schedule a trial in April over its dispute with bondholders threatening to declare the company in technical default, seeking an order in the meantime to maintain the status quo.
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US Bancorp’s U.S. Bank National Association sued a group of Nesbitt companies that own eight Embassy Hotels in the U.S. over claims they defaulted on a $187.5 million loan.
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A witness for Verizon Communications Inc. from JPMorgan Securities Inc. testified that yellow-page unit Idearc Inc. was a “very good ongoing company” when it was spun off from the parent in 2006.
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J.C. Penney Co., facing a potential threat to its turnaround plans, has come out swinging after debt holders claimed it technically defaulted on a bond.
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Credit Suisse Group AG’s DLJ Mortgage Capital unit faces a lawsuit by a trust seeking repurchase of defective loans in a pool of more than 5,000 mortgages with an aggregate principal balance of about $1 billion.
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Verizon Communications Inc. was sued this week by the creditors’ representative of former unit Idearc Inc. in a complaint alleging that the 2006 spinoff was a fraudulent transfer designed to generate $9.5 billion for the second-largest phone company in the U.S.
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Seven people were charged in Manhattan federal court with securities fraud and conspiracy as part of a five-year investigation of insider trading at hedge funds by the FBI and the Justice Department.
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Citigroup Inc. and the U.S. Securities and Exchange Commission defended their $285 million settlement of claims that the bank misled investors in collateralized debt obligations as a judge questioned whether the deal is in the public interest.
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