Skyway investors renew legal battle; Chicago's handling of revenues is key.

CHICAGO -- The city of Chicago and holders of defaulted Chicago-Calumet Skyway bonds are back in court following the breakdown of settlement discussions earlier this year.

After battles over issues like toll increases and repair needs, the 21-year legal dispute now centers on whether Chicago mishandled skyway revenues.

Specifically, bondholders of the $90.2 million of outstanding revenue bonds say Chicago breached its fiduciary duty because the city maintained "large amounts" of skyway revenues in non-interest

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER