Detroit sued swaps insurer Syncora Guarantee Inc., blaming it for the withholding of as much as $11 million a month in casino-derived revenue, city Emergency Manager Kevyn Orr said, Bloomberg News reported on Friday. “Syncora is exerting power it does not have to get money to which it has no legal claim, and its actions are putting the city’s entire restructuring efforts in peril,” Orr said on Friday in a statement announcing the Wayne County Circuit Court filing. Detroit is seeking a court order barring Syncora and other defendants from taking any steps to limit the city’s access to revenues from its three casinos.
