San Diego Settles SEC Claims Of Misleading Bond Investors

Law360, New York (November 15, 2006, 12:00 AM EST) -- On Tuesday, the city of San Diego, Calif. reached a settlement with the U.S. Securities and Exchange Commission regarding claims that the city misrepresented the state of its pension and health care funds to bond investors.

Without admitting or denying guilt, the city agreed to a cease and desist order preventing it from committing any more SEC violations, and will hire an independent consultant for three years to make sure its financial reporting complies with regulations.

As part of its compliance with the settlement, the city...
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