Tag Archives: bond insurers

Bond Insurer Sues to Undo Redevelopment Dissolution

21 Aug

Wall Street has weighed in on the dissolution of California’s former redevelopment agencies. Earlier this month, bond insurer Syncora Guarantee sued the state, claiming that the shuttering of 400-odd redevelopment agencies unfairly deprives bondholders of the money that they are owed. The insurer claims that the law violates both the California and U.S. constitutions, which each contain provisions that prohibit states from imposing laws that impair contractual rights. Continue reading