NY Judge OKs Agency Control Of Nassau County Budget

Law360, New York (March 14, 2011, 7:28 PM EDT) -- A New York judge on Friday denied a motion by Nassau County Executive Ed Mangano for a preliminary injunction to stop a state-created agency from seizing control of the indebted Long Island county’s finances.

Judge Arthur Diamond of the Supreme Court of the State of New York, Nassau County, rejected Mangano’s argument that the Nassau County Interim Finance Authority’s power to take control of the county’s finances expired in 2008.

The judge also tossed claims that NIFA was acting on unconstitutional authority.

Judge Diamond declined to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.