BNY Wants Probe of Bankrupt Ala. County's Sewer Finances

Law360, New York (July 27, 2012, 6:18 PM EDT) -- Bank of New York Mellon on Thursday asked a federal judge to order Jefferson County, Ala., to open its books, as it fights with the bankrupt county over the repayment of $3 billion in sewer-related debt.

BNY Mellon, the indenture trustee for the debt, told U.S. Bankruptcy Judge Thomas B. Bennett that it should be allowed to inspect Jefferson County’s accounting to get a handle on the sewer system’s finances while the county attempts to duck its debt load.

The bank said Jefferson County is attempting...
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