Insurers' Claims Trimmed In $35M Arena Bond Row

Law360, New York (March 01, 2013, 10:46 PM ET) -- A Canadian entrepreneur scored a partial victory Friday as an Arizona federal judge sliced half the claims from a consolidated suit led by Allstate Life Insurance Co. and Wells Fargo Bank NA over losses from a $35 million bond offering to finance a 5,000-seat arena.

Investors in the Prescott Valley Event Center allege the town of Prescott Valley, Ariz., and underwriters involved with the November 2005 bond issue failed to disclose in offering documents that reports showed the arena wasn't an economically feasible project, and seek...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required