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Port Authority Misled Investors On Project Risks, SEC Finds

Law360, New York (January 10, 2017, 12:31 PM EST) -- The Port Authority of New York and New Jersey will admit wrongdoing to settle allegations that it knew about legal risks associated with Garden State roadway projects, but failed to inform the projects' funding investors, the U.S. Securities and Exchange Commission announced Tuesday, noting it’s the first municipal issuer to admit wrongdoing in an SEC enforcement action.

The Pulaski Skyway, seen here in a 2014 file photo, connects Newark and Jersey City, New Jersey, and was one of the projects at issue in the investigation. (Credit:...
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