Your Daily Dose of Financial News

by Robins Kaplan LLP
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The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”) – NYTimes and WSJ and Bloomberg

Puerto Rico’s debt (and massive unfunded pension obligations) top out at more than $120 billion—a staggering sum that has prompted the troubled island to seek what amounts to bankruptcy protection—“the first time in history that an American state or territory ha[s] taken the extraordinary measure” – NYTimes and WSJ and Bloomberg

Breakingviews on the thus-far-largely ignored influencer in the upcoming French presidential election: French nest eggs (which could take a massive hit should Le Pen win and move forward with her promised anti-Euro plans) – NYTimes

The US Chamber of Commerce has taken its fight against the DOL’s fiduciary rule to the 5th Circuit – Law360

Troubled Canadian mortgage lender Home Capital looks to be ripe for an acquisition – WSJ

And good thing, too, because BlackRock has warned that ignoring Home Capital’s woes would be a huge mistake – Bloomberg

Credit Suisse will pay $400 million to resolve NCUA claims over sales of toxic RMBS that led to the failure of three credit unions.  The settlement comes just days after UBS reached a similarly sized deal with the NCUA – Law360

Dropping a loaded term like “colonialism” into an article about China’s outsized role in Africa isn’t exactly something to take lightly. But spend a little time with this Times long-read, and you might have trouble disagreeing – NYTimes

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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