Latest Business News: Detroit Unlikely to Make General Obligation Bond Payments: Fitch

Wochit 0:55 mins

Fitch Ratings, a major rating agency said chances that Detroit, Michigan, will make full and timely payments on its unlimited general obligation bonds are low, a day after the city filed for the largest municipal bankruptcy in U.S. history. New York City pension funds-have-picked-State-Street-Corp to safeguard $137 billion, replacing incumbent Bank of New York Mellon Corp , which was accused in 2011 of overcharging the funds on foreign currency trades. The charges against billionaire hedge fund manager Steven A. Cohen have "no merit" and Cohen will fight them "vigorously," said a spokesman for Cohen's firm SAC Capital Advisors in a statement to the media.

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