Detroit, Syncora Sent Into Mediation Over Swaps Dispute

Law360, New York (August 26, 2013, 2:53 PM EDT) -- A Michigan federal judge on Friday ordered Detroit to enter mediation with Syncora Guarantee Inc. and other parties surrounding a settlement that will terminate swap agreements between its retirement corporations and UBS AG and Merrill Lynch Capital Services LLC.

U.S. District Judge Gerald E. Rosen, who was selected earlier this month to oversee mediation in the landmark Chapter 9 case, issued an order directing Syncora, the city, Emergency Manager Kevyn Orr, USB, Merrill Lynch, Ambac Assurance Corp. and the city’s general, police and fire retirement systems,...
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