WASHINGTON - At least 38 broker-dealers, investment advisory companies, and other firms have received subpoenas or document requests from state attorneys general conducting a coordinated investigation of anti-competitive practices in connection with municipal bond-related guaranteed investment contracts and derivatives, according to interviews and documents obtained by The Bond Buyer.

The multi-state antitrust investigation by the attorneys general, including Florida's Bill McCollum and Connecticut's Richard Blumenthal, was first publicly disclosed by XL Capital Ltd., the Bermuda-based insurer, in a 10-K financial statement filed with the Securities and Exchange Commission late Monday.

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