SAN FRANCISCO — A federal judge in California has ruled that the city of Alameda did not commit securities fraud in a deal with Nuveen Investments even if it may have intentionally misled bondholders.

U.S. District Court Judge Susan Illston ruled in a summary judgment in the case of Nuveen Funds versus Alameda that according to California securities law the city is not liable for negligent or intentional misrepresentation by an employee.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.