Class Cert. Denied In Suit Over Ariz. Town's Bond Losses

Law360, New York (December 2, 2011, 9:03 PM EST) -- A federal judge refused Friday to certify a class of individual investors who are part of a consolidated suit with Allstate Life Insurance Co. and Wells Fargo Bank NA over losses suffered on $35 million in bonds issued by Prescott Valley, Ariz., to finance a 5,000-seat arena.

A group of bondholders that invested $9 million in the bonds had lodged the putative class action accusing the town and underwriters involved with the November 2005 bond issue of failing to disclose in offering documents the fact that...
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