Jefferson County in Alabama can proceed with its $4.23B bankruptcy, the largest ever by an...

|By:, SA News Editor

Jefferson County in Alabama can proceed with its $4.23B bankruptcy, the largest ever by an American municipality, a federal judge ruled late yesterday. The judge rejected arguments of creditors, which include JP Morgan (JPM), that the county was ineligible for bankruptcy because it has the wrong type of debt. The next court date is April.