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Government

Mar. 15, 2012

City's settlement averts bankruptcy

The city of Hercules has settled a $4.1 million lawsuit over redevelopment bond service. Officials say the deal will allow the city to avert filing for bankruptcy protection.


By Ben Adlin


Daily Journal Staff Writer


The city of Hercules has settled a $4.1 million lawsuit that officials warned could've forced the city of roughly 25,000 into bankruptcy.


A Contra Costa County Superior Court judge on Tuesday approved the city's settlement with bond insurer Ambac Assurance Corp., which sued Hercules in January after the city announced it would default on roughly $2.4 million in redevelopment bond payments.

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