Far West

WASHINGTON — A federal judge in Manhattan has refused to dismiss class action claims filed by local governments alleging that Wells Fargo & Co. and 15 other banks, broker-dealers and investment brokers conspired to rig bids and fix prices of guaranteed investment and derivatives contracts in the municipal market.

SAN FRANCISCO — A Nevada Supreme Court opinion earlier this year has thrown a big question mark into the Southern Nevada Water Authority’s plans to build 306 miles of pipeline to pump groundwater out the state’s rural northeast into metropolitan Las Vegas.

WASHINGTON — Legislation that would extend the Build America Bonds program until April 2013 at gradually reduced subsidy rates was approved by a vote of 246 to 178 in the House yesterday.

WASHINGTON — Southwest Securities Inc. has agreed to pay $470,147 to settle charges with the Securities and Exchange Commission for violating an anti-pay-to-play rule by co-underwriting Massachusetts bond deals within two years after its former senior vice president made political contributions to state Treasurer Timothy Cahill.

The House today is expected to vote on a bill that would reauthorize federal aviation programs and allow airports to ramp up revenue they use to back bonds.

SAN FRANCISCO — The Vallejo, Calif., City Council approved a new contract with firefighters, cutting its costs and unfunded liabilities as the city moves closer to exiting bankruptcy.

WASHINGTON — Southwest Securities Inc. has agreed to pay $470,147 to settle charges with the Securities and Exchange Commission that it co-underwrote Massachusetts bond deals within two years after its former senior vice president made political contributions to state Treasurer Timothy Cahill.

WASHINGTON — Money-market fund officials are warning that new terms some banks and issuers are beginning to include in variable-rate debt transaction documents can be difficult to monitor and limit bondholders’ rights.

SAN FRANCISCO — The California Department of Education said 12% of the state’s school districts may be unable to meet their financial obligations between now and fiscal 2012.

WASHINGTON — The Treasury Department Tuesday released interim guidance detailing how issuers, bondholders, and other market participants should “strip” the tax credits from tax-credit bonds and how that information should be reported to the Internal Revenue Service.