Litigation
Oct. 30, 2013
Dismissal arguments heard in municipal securities case
Lawyers for the city of Victorville argue the Securities and Exchange Commission failed to allege specific facts and miscalculated the underlying debt to revenue ratio in a complaint brought against the city over a 2008 bond offering.
Daily Journal Staff Writer
LOS ANGELES - A federal judge indicated Monday he would not dismiss a lawsuit by the U.S. Securities and Exchange Commission accusing the city of Victorville in San Bernardino County of committing fraud in conjunction with a 2008 bond offering.
The case has national significance, according to outside observers, because it's part of a growing number of SEC actions targeting municipalities in securit...
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