NJ Settles With SEC Over $26B Bond Offerings

Law360, New York (August 18, 2010, 5:55 PM EDT) -- New Jersey, the first state ever charged with violating federal securities laws, has agreed to settle the U.S. Securities and Exchange Commission's allegations that the state let investors purchase $26 billion in municipal bonds without divulging critical information about its financial situation.

New Jersey settled the case without admitting or denying wrongdoing, the SEC and the office of New Jersey Attorney General Paula Dow said in separate statements Wednesday. The SEC began its investigation in 2007.

Under the terms of the settlement, New Jersey is not...
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