Financial Security Assurance Inc. does not plan to further challenge an appeals court ruling that it had no standing to file securities fraud charges against underwriter Stephens Inc. for alleged misrepresentations the insurer claimed the firm made in connection with $69.9 million of now-defaulted bonds issued in 1998 to finance a solid-waste disposal and recycling facility in Georgia.

The bond insurer had until April 21 to petition the U.S. Supreme Court to review the Sept. 18 ruling by a three-judge panel of the U.S. Court of Appeals for the Eleventh Circuit in Atlanta that found FSA was not a purchaser or seller of the municipal securities, a prerequisite to filing federal securities fraud charges.

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