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John Paulson's hedge fund will have to defend claims that his firm conspired with Goldman Sachs Group Inc to fraudulently induce a bond insurer to guarantee payments on risky debt, court papers show.

John Paulson's hedge fund will have to defend claims that his firm conspired with Goldman Sachs Group Inc to fraudulently induce a bond insurer to guarantee payments on risky debt, court papers show.

The U.S. judge hearing the bankruptcy case of Stockton, California ruled on Wednesday the city does not need court approval to settle a $55,000 claim, a plan contested by capital market creditors and backed by the state's pension fund.

New York state's financial regulator said on Monday that it had licensed the first-ever mutual municipal bond insurer, which expects to start underwriting small deals later this year.

New York state's financial regulator said on Monday that it had licensed the first-ever mutual municipal bond insurer, which expects to start underwriting small deals later this year.

National Public Finance Guarantee Corp. says it has $33 million in municipal bond exposure to the city of San Bernardino, Calif., as the city becomes the third in the state this year to file for bankruptcy protection.

The largest city to file for bankruptcy protection in the United States will not spell doom for municipal-bond insurers, and only a dramatic rash of municipal failures would do serious damage to that industry segment, an economist says.

Ambac has pulled out of a suit against Bank of America Corp. involving an $8.5 billion mortgage-bond settlement.