FSA Subpoenaed Regarding GIC Bid-Rigging Probe

Law360, New York (November 16, 2006, 12:00 AM EST) -- The federal government’s long-running bid-rigging probe into guaranteed investment contracts kicked up a notch this week when bond insurer Financial Security Assurance Holdings Ltd. received subpoenas from both the Securities and Exchange Commission and the Department of Justice.

FSA, a unit of Belgian-French financial services group Dexia, revealed the SEC subpoena on Thursday, just a day after disclosing a separate subpoena from the DOJ’s antitrust division. According to the company, both subpoenas relate to the civil investigation of guaranteed investment contract (GIC) brokers being conducted by...
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