Ariz. Town Can't Shake $35M Bond Suit Led By Allstate

Law360, New York (October 11, 2012, 7:45 PM EDT) -- An Arizona town on Thursday lost its bid to nix two claims from a consolidated suit led by Allstate Life Insurance Co. and Wells Fargo Bank NA, who accuse the town of negligently issuing $35 million in bonds to finance a 5,000-seat arena, but managed to limit the number of eligible bondholders.

U.S. District Judge G. Murray Snow declined to toss investor common law negligence and Arizona state securities law violations against the town of Prescott Valley, Ariz. But after faulting Wells Fargo for failing to...
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