A federal appeals court in Atlanta refused to reconsider a ruling that bond insurer Financial Securities Assurance Inc. has no standing to file securities fraud charges against underwriter Stephens Inc. for alleged misrepresentations made in connection with $69.9 million of now-defaulted bonds issued for a solid waste disposal and recycling facility in Georgia in 1998.

In an order issued Tuesday, the U.S. Court of Appeals for the Eleventh Circuit denied FSA’s request for a rehearing of the ruling against it that a three-judge appeals court panel issued in September. In its order, the appeals court said that none of the judges on the court indicated any support for a rehearing.

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