Government
Mar. 13, 2012
Bank sues Stockton over default
Wells Fargo & Co. filed suit against Stockton last week over the city's planned default on over $30 million in bonds. The city of nearly 300,000 is on the verge of becoming the largest U.S. city ever to file for bankruptcy.
By Ben Adlin
Daily Journal Staff Writer
Wells Fargo & Co. filed suit against Stockton last week over the city's default on more than $30 million in bonds. The city of nearly 300,000 is on the verge of becoming the largest U.S. city ever to file for bankruptcy. Last month, the City Council voted to enter a confidential mediation process with creditors, a new mandatory step before filing for Chapter 9 protection. As part of that vote, the council also agreed to suspend payme...
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