Bondholders' case against eminent domain goes to court today

09/12/2013 | Bloomberg Businessweek

A federal judge is scheduled to hear arguments today in San Francisco over whether to halt a Richmond, Calif., plan to use eminent domain to seize and refinance underwater mortgages. Bondholders, including BlackRock and Pacific Investment Management, have filed suit through their bank trustees to block the plan on the grounds that it is unconstitutional. The judge's ruling could affect whether other municipalities pursue a similar course.

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