Mo. City Dodges $39M Bond Suit Over Failed Mamtek Plant

Law360, New York (February 28, 2014, 2:48 PM EST) -- A Missouri federal judge has dismissed Morgan Keegan & Co. Inc.'s third-party suit alleging the city of Moberly and its industrial development authority were responsible for $39 million in bonds issued to finance construction of a failed Mamtek International Ltd. artificial sweetener plant.

U.S. District Judge Nanette Laughrey ruled Feb. 24 that the city of Moberly and its industrial development authority had legally issued the municipal bonds in 2010 as a government function. As such, the judge dismissed a third-party complaint launched by Morgan Keegan, the bonds' underwriter, that sought to pin responsibility on Moberly and the IDA for the now-worthless...

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