Dealers Protest FSA Ruling Before Court

Hume, Lynn
June 2006
Bond Buyer;6/23/2006, Vol. 356 Issue 32409, p1
Trade Publication
The article reports on the complaint of two dealer groups and an underwriter against a federal ruling in the U.S. that Financial Security Insurance Inc. can sue Stephens Inc. under the securities fraud laws. In a petition for rehearing, the complainants claimed that the ruling is unprecedented and could impose significant financial exposure on all municipal bond industry participants. Furthermore, they called for the appeals court to overturn the decision due to alleged misrepresentations made in connection with $69.6 million of now-defaulted bonds.


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