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Commerzbank (OTC:CRZBF) Stock, Option Chain

Commerzbank operates primarily in Europe. Germany contributes about 70% to total income. The bank operates two business segments: private and small-business customers as well as corporate clients. In its private and small-business segment, the group runs its branch business, a mobile bank with a focus on the Polish market, an online broker, and an asset manager for physical assets. Its corporate client business provides cash management and trade finance solutions to small and medium-size enterprises and large corporates.

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Apple Loses Appeal Over 4G Patent Infringement In London Court, AI Can Drive TSMC&#39;s Revenue Rebound, Alibaba Conducts Strategic Review of Youku and Tudou Amidst Rivalry: Today&#39;s Top Stories

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Deutsche Bank AG (NYSE: DB) and Commerzbank AG (OTC: CRZBF) (OTC: CRZBY) is slammed by a lawsuit worth ₽31 billion ($348 million) by RusKhim

Deutsche Bank, Commerzbank Slammed With $348M Suit By Russian Gas Giant Subsidiary: Report

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One of Germany&#39;s top banking institutions, Commerzbank (OTC: CRZBF), confirmed it did indeed apply for a local cryptocurrency license earlier in 2022 so it could legally offer services for people interested in cryptocurrencies such as Bitcoin (CRYPTO: 

If You Can&#39;t Beat Them, Join Them: German Banking Giant Commerzbank Applies For Crypto License

Commerzbank AG

A safe, secure, and private way to pay with iPhone and Apple Watch using girocard More customers to benefit from payments with nationwide usability Commerzbank AG announces that customers can use their giro card with Apple Pay - a safe and secure way to pay that helps customers choose contactless payment options with their iPhone or Apple Watch while using the power of the iPhone to protect every transaction.
<a href="https://www.commerzbank.de/group/newsroom/press-releases/applepay-girocard.html" title="https://www.commerzbank.de/group/newsroom/press-releases/applepay-girocard.html">https://www.commerzbank.de/group/newsroom/press-releases/applepay-girocard.html</a>

'Commerzbank introduces Apple Pay to its girocard customers' - Commerzbank

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33111788/apple-loses-appeal-over-4g-patent-infringement-in-london-court-optis-scores-another-victory" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple Loses Appeal Over 4G Patent Infringement in London Court, Optis Scores Another Victory</a>
<ul>
<li>Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) overstepped two telecommunications patents used in devices, including iPhones and iPads, London&#39;s Court of Appeal ruled on Tuesday, dismissing the iPhonemaker&#39;s appeal in a long-running dispute.</li>
<li>Optis Cellular Technology LLC&nbsp;prosecuted Apple in 2019 over its use of patents, which Optis says are critical to specific technological standards, like 4G.</li>
<li>The legal battle between Apple and Optis began in 2019, prompting six separate trials and several appellate hearings in Britain alone.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33112711/deutsche-bank-commerzbank-slammed-with-348m-suit-by-russian-gas-giant-subsidiary-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Deutsche Bank, Commerzbank Slammed With $348M Suit By Russian Gas Giant Subsidiary</a>
<ul>
<li>Deutsche Bank AG&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) and&nbsp;Commerzbank AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/crzbf#OTC">CRZBF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crzby#OTC">CRZBY</a>) are slammed by a lawsuit worth ₽31 billion ($348 million) by RusKhimAlyans, a Russian gas giant Gazprom&#39;s subsidiary.&nbsp;</li>
<li>In particular, RusKhimAlyans is asking for over ₽22 billion from Deutsche Bank and over ₽8 billion from Commerzbank, Reuters reported citing documents filed at the Court of Arbitration of St Petersburg and the Leningrad Region.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33112261/why-is-nikola-stock-trading-lower-wednesday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nikola Seeks To Liquidate Battery Maker Romeo Power</a>
<ul>
<li>Nikola Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nkla#OTC">NKLA</a>) stock is trading lower Wednesday after reports indicated its plans to liquidate the assets of battery maker Romeo Power less than a year after buying it.</li>
<li>The electric truck maker struggled to satisfy investors amid overblown costs of commodities and tight access to capital since 2022.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33113476/pfizer-and-soth-koreas-samsung-biologics-ink-900m-partnership-for-biosimilar-production-details" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Pfizer and South Korea&#39;s Samsung Biologics Ink $900M Partnership for Biosimilar Production: Details</a>
<ul>
<li>South Korean contract development and manufacturing organization&nbsp;Samsung Biologics&nbsp;and&nbsp;Pfizer Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) have signed two agreements for the long-term manufacturing of Pfizer&#39;s multiproduct biosimilar portfolio, worth $897 million.</li>
<li>The two deals include a $193 million deal and a $704 million deal - Samsung Biologics&#39; most significant single contract since its inception in 2011.&nbsp;</li>
<li>Including a $183 million deal signed in March, the combined value of Samsung Biologics-Pfizer deals this year amounts to $1.08 billion.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33113188/airbus-opens-new-technology-hub-at-filton-site-to-design-wings-for-next-generation-aircrafts" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Airbus Opens New Technology Hub At Filton Site To Design Wings For Next Generation Aircrafts</a>
<ul>
<li>Airbus SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsy#OTC">EADSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsf#OTC">EADSF</a>) is investing further in its U.K. innovation capabilities, with the opening of a new Wing Technology Development Centre (WTDC) at its Filton site in southwest England.</li>
<li>The new facility will help Airbus accelerate the design of wings for next-generation aircraft. Nusrat Ghani, U.K. Minister of State at the Department for Business and Trade, opened the facility.&nbsp;</li>
<li>Alongside engine optimization, making wings longer, leaner and lighter is one of the most significant opportunities to improve fuel efficiency.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33113232/what-can-drive-tsmcs-revenue-rebound-strong-demand-for-ai-chips-from-nvidia-broadcom-amd" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">What Can Drive TSMC&#39;s Revenue Rebound? Strong Demand for AI Chips from Nvidia, Broadcom, AMD</a>
<ul>
<li>Taiwan Semiconductor Manufacturing Company Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsm#NYSE">TSM</a>) expects a significant revenue rebound in the year&#39;s second half.</li>
<li>The launch of new&nbsp;Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) iPhones and strong demand for AI chips from&nbsp;Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>),&nbsp;Broadcom Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avgo#NASDAQ">AVGO</a>), and&nbsp;Advanced Micro Devices, Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/amd#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMD</a>), with robust wafer-start momentum is likely to trigger the rebound.</li>
<li>Companies like TSMC had a challenging start during 2023 due to supply chain disruptions, weak demand further intensified by U.S. sanctions on Chinese industries, and the Russian-Ukraine conflict.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33096212/rivian-stock-is-racing-higher-whats-going-on" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Rivian Automotive Reported Q2 Production, Delivery Numbers</a>
<ul>
<li>Rivian Automotive Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) said it produced 13,992 vehicles in the second quarter, up from 9,395 in the first quarter. The company reported second-quarter deliveries of 12,640 vehicles, up from 7,946 in the first quarter. Rivian&#39;s production and delivery numbers were in line with company expectations.&nbsp;</li>
<li>Rivian said it believes it&#39;s still on track to meet its previously provided annual production guidance of 50,000 vehicles.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33112669/evotec-secures-us-government-contract-for-orthopoxvirus-antibody" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Evotec Secures US Government Contract For Orthopoxvirus Antibody</a>
<ul>
<li>The U.S. Department of Defense (DOD) has awarded&nbsp;Evotec SE&#39;s&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/evotf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EVOTF</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evo#NASDAQ">EVO</a>) Seattle-based subsidiary,&nbsp;Just - Evotec Biologics Inc&nbsp;a contract valued up to&nbsp;$74 million&nbsp;for the rapid development of monoclonal antibody (mAb)-based drug product prototypes targeting orthopoxviruses.</li>
<li>Under the contract, Just - Evotec Biologics will develop drug product prototype(s) from discovery through the execution of Phase 1 first-in-human trials.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33112710/mondel-z-recalls-two-varieties-of-belvita-biscuits-in-us-over-peanut-contamination" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Mondelēz Recalls Two Varieties Of belVita Biscuits In US Over Peanut Contamination</a>
<ul>
<li>Mondelez International Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mdlz#NASDAQ">MDLZ</a>) Mondelēz Global LLC has voluntarily recalled two varieties of&nbsp;belVita Breakfast&nbsp;Sandwich&nbsp;products produced in the U.S. and sold nationwide.</li>
<li>The move to recall is due to the possibility of the products containing undeclared peanuts resulting from cross-contact on a single manufacturing line which came to light on an internal manufacturing inspection.</li>
<li>No other belVita products, Mondelēz Global LLC products, or markets outside the United States are included in or affected by the recall.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33113618/warren-buffett-backed-byd-plans-to-invest-620m-in-brazils-cama-ari-industrial-complex" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Warren Buffett-Backed BYD Plans To Invest $620M In Brazil&#39;s Cama&ccedil;ari Industrial Complex</a>
<ul>
<li>Warren Buffett-backed Chinese EV giant&nbsp;BYD&nbsp;Co&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/byddf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BYDDF</a>) plans to start operations in three factories simultaneously in the Bahis&#39;s Cama&ccedil;ari industrial complex, 50 km from Salvador in Brazil.</li>
<li>With an investment of over 3 billion reais (~$620 million), the development will generate more than 5,000 jobs for years.&nbsp;</li>
<li>The three factories are scheduled to start operations in the second half of 2024.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33111339/alibaba-conducts-strategic-review-of-youku-and-tudou-amidst-rivalry-with-baidu-and-tencent" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Conducts Strategic Review of Youku and Tudou Amidst Rivalry with Baidu and Tencent</a>
<ul>
<li>Alibaba Group Holding Limited&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) weighed options for its video entertainment assets. The company is conducting a strategic review of video streaming platforms Youku and Tudou.&nbsp;</li>
<li>It also evaluates options to inject the assets into Alibaba Pictures Group Ltd and bolster its scope.&nbsp;</li>
<li>Alibaba eyes a family of standalone leaders in businesses from e-commerce and media to cloud and logistics.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33113441/ups-drivers-consider-going-on-strike-after-failed-labor-talks-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UPS Drivers Consider Going On Strike, After Failed Labor Talks</a>
<ul>
<li>United Parcel Service Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ups#NYSE">UPS</a>) workers are reportedly heading towards a strike, as no agreement could be reached between the company and Teamsters.</li>
<li>A potential strike by more than 300,000 UPS drivers threatens to disrupt the U.S. supply chain.&nbsp;</li>
<li>Weeks-long talks between UPS and the Teamsters fell apart early Wednesday morning in Washington after stretching through the July 4 holiday, with beleaguered negotiators emerging to say the talks had collapsed.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33111471/omv-adnoc-in-talks-to-create-over-30b-chemicals-plastics-firm-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">OMV-ADNOC In Talks To Create Over $30B Chemicals &amp; Plastics Firm</a>
<ul>
<li>Austria&#39;s&nbsp;OMV AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/omvky#OTC">OMVKY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/omvjf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">OMVJF</a>) is in talks with&nbsp;Abu Dhabi National Oil Co. (ADNOC)&nbsp;to combine the companies, Borouge Plc and Borealis AG, to form a chemicals and plastics company worth over $30 billion.</li>
<li>The firms are discussing the potential valuation and ownership structure of a combined entity and may reach the formal merger terms in the coming weeks.</li>
<li>OMV owns 75% of Borealis is 75%, while ADNOC holds the remaining.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/07/33112019/haleon-contemplates-sale-of-non-core-businesses-including-nicotinell-brand-a-strategy-shift-towards" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Haleon Contemplates Sale of Non-Core Businesses, Including Nicotinell Brand: A Strategy Shift Towards Core Products</a>
<ul>
<li>Haleon Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hln#NYSE">HLN</a>), a consumer health company, is reportedly considering divesting some smoking cessation products to sell non-core businesses.</li>
<li>The company is working with an adviser to find potential buyers for the Nicotinell brand, which includes nicotine gum, patches, and lozenges.</li>
<li>The sale of the Nicotinell brand, which is drawing interest from investment firms and consumer companies, could be valued as high as $800 million.</li>
</ul>
Photo via Wikimedia Commons

Apple Loses Appeal Over 4G Patent Infringement In London Court, AI Can Drive TSMC's Revenue Rebound, Alibaba Conducts Strategic Review of Youku and Tudou Amidst Rivalry: Today's Top Stories

Deutsche Bank AG&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) and&nbsp;Commerzbank AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/crzbf#OTC">CRZBF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crzby#OTC">CRZBY</a>) is slammed by a lawsuit worth ₽31 billion ($348 million) by RusKhimAlyans, a Russian gas giant Gazprom&#39;s subsidiary.&nbsp;
In particular, RusKhimAlyans is asking for over ₽22 billion from Deutsche Bank and over ₽8 billion from Commerzbank,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/energy/gazprom-subsidiary-files-lawsuits-against-deutsche-bank-commerzbank-2023-07-04/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>&nbsp;reported citing documents filed at the Court of Arbitration of St Petersburg and the Leningrad Region.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32907199/deutsche-bank-to-pay-75-million-over-sex-trafficking-lawsuit-from-jeffrey-epsteins-accusers" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Deutsche Bank To Pay $75 Million Over Sex Trafficking Lawsuit From Jeffrey Epstein&#39;s Accusers</a>
Further details are not available on the case.
Last month, Deutsche Bank stated identified a shortfall in the shares backing the bank&#39;s depositary receipts (DRs) allocated before the Ukraine invasion, which has been held in<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33001190/deutsche-bank-raises-concerns-about-clients-missing-russian-shares" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;Russia by a different depositary bank</a>.
Price Action: DB shares are trading lower by 3.09% at $10.35 premarket on the last check Wednesday.

One of Germany&#39;s top banking institutions,&nbsp;Commerzbank&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/crzbf#OTC">CRZBF</a>), confirmed&nbsp;it did indeed apply for a local cryptocurrency license earlier in 2022 so it could legally offer services for people interested in cryptocurrencies such as&nbsp;Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened:&nbsp;A Commerzbank spokesperson recently&nbsp;<a href="https://www.boersen-zeitung.de/banken-finanzen/commerzbank-beantragt-krypto-verwahrlizenz-303b9c3a-bbeb-11ec-8e62-5f7cf1d225cc" target="_blank">confirmed</a>&nbsp;to local media outlet B&ouml;rsen-Zeitung that it applied for a crypto license in the first quarter of 2022. If the bank were to obtain such a license, it could offer cryptocurrency exchange and custody services as well as protection of crypto holdings.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/get-free-cryptocurrency-right-now" target="_blank">How To Get Free Crypto</a>
Commerzbank counts more than&nbsp;18 million retail customers and over 70,000 institutional clients &mdash; the latter would be the target of the bank&#39;s future crypto offering. On Jan. 1, 2020, the German regulator Federal Financial Supervisory Authority (BaFin) started requiring cryptocurrency service providers to register and obtain authorization to operate.
So far only four institutions were granted the permit to operate in Germany by BaFin and the first one was Coinbase Germany &mdash; a branch of&nbsp;Coinbase Global Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>). The most recently approved institution is Berlin-based financial technology firm Upvest.
Photo:&nbsp;<a href="https://pixabay.com/users/analogicus-8164369/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3504961">analogicus</a>&nbsp;from&nbsp;Pixabay&nbsp;

If You Can't Beat Them, Join Them: German Banking Giant Commerzbank Applies For Crypto License

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WIIM

Deutsche Bank AG shares are trading higher after Bloomberg reported Germany is working a pathway for Deutsche Bank to merge with Commerzbank.

Detroit is not the only place affected by its current bankruptcy filings. 

According to <a href="http://www.detroitnews.com/article/20131003/METRO01/310030045">The Detroit News</a>, several European banks are on pace to lose millions of dollars

Banks in Germany, Belgium and Luxembourg are among those that purchased the city of Detroit's debt. The institutions are now standing to lose up to hundreds of millions of dollars as a result.

There has been an average of 4.6 municipal defaults per year since the 2008 financial crisis. This is over triple the annual average over the previous three decades. The banks saw taking on municipal debt as a risk-free endeavor, as many of the recent municipalities bankruptcies ended up repaying their debt.

Peter Henning, a Wayne State University professor and former Securities and Exchange Commission attorney, told The Detroit News that foreign banks “interpreted the city debt as sovereign debt — to mean it will never default.

"In fairness to them, this isn't Argentina. They were more trusting. The big question is whether Detroit is an outlier or a harbinger of future losses for the banks.”

The French-Belgian Dexia SA (OTC: <a class="ticker" href="/stock/dxbgf#OTC">DXBGF</a>) has up to $305 million in exposure to Detroit's debt. In Germany, Commerzbank (OTC: <a class="ticker" href="/stock/crzbf#OTC">CRZBF</a>) and its affiliates may have, according to Reuters, loaned the city as much as $400 million. According to a bankruptcy filing, EEPK out of Luxembourg holds notes worth over $152 million.

Detroit Emergency Manager Kevyn Orr has proposed paying UBS AG (NYSE: <a class="ticker" href="/stock/ubs#NYSE">UBS</a>) and Bank Of America (NYSE: <a class="ticker" href="/stock/bac#NYSE">BAC</a>) about $250 million to terminate an interest rate swap agreement dating back to 2006. This would help free up $15 million in monthly casino revenue that the banks control access to.

As Detroiters have seen with the Orr's handling of city pension funds, among other financial worries, this is not always so easy. Some of the European banks oppose to deal as they want their claims evaluated first, while also having the option to sue UBS.

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