FSA: Stephens Case Could Adversely Impact Muni Insurers

Hume, Lynn
February 2005
Bond Buyer;2/1/2005, Vol. 351 Issue 32061, p5
Trade Publication
The article reports that warning that the outcome of the case will impact the bond insurance industry overall. Financial Security Assurance (FSA) Inc. has asked a federal appeals court to overturn a lower court's dismissal of the securities fraud and other charges it filed against underwriter Stephens Inc. and an engineering firm over alleged false claims they made in documents for some now-defaulted solid-waste bonds that FSA insured. FSA said its policy expressly states that it will become the owner of bonds if bonds default and it is required to make payments to bondholders.


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