ACA Must Pay For Defaulted Muni Bonds: Suit

Law360, New York (July 18, 2011, 12:56 PM EDT) -- An ACA Financial Guaranty Corp. policyholder launched a putative class action in Mississippi federal court on Friday accusing the insurer of unlawfully dropping its coverage of certain municipal bonds after the bond issuer stopped making its required payments.

Mississippi resident James E. Davis claims that toll road revenue bonds that he and other putative class members held were insured by ACA in the event of nonpayment by issuer Connector 2000 Association Inc.

But after Connector failed to make its required payment on the bonds on July...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Davis v. ACA Financial Guaranty Corporation


Case Number

3:11-cv-00093

Court

Mississippi Northern

Nature of Suit

Insurance

Judge

Michael P. Mills

Date Filed

July 15, 2011

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.