9th Circ. Affirms Win For Calif. City In Securities Row
By David McAfee
Law360, Los Angeles (September 19, 2013, 5:39 PM EDT) -- The Ninth Circuit on Thursday affirmed a district court’s summary judgment in favor of the city of Alameda, Calif., in a securities fraud suit brought by a business trust that said it was not repaid $20.5 million to help fund the development of a cable and Internet system.
The decision comes after oral arguments in May, when Nuveen Municipal Trust alleged the city knew when it sold the municipal bonds to fund a city-run telecom system that it wouldn’t be able to repay investors. Nuveen argued...