Washington

The Ramapo Local Development Corp. and three individuals facing Securities and Exchange Commission securities fraud charges are asking a federal judge to dismiss the SEC's complaint, claiming, among other things, that no one was hurt.

In an historic action, the Municipal Securities Rulemaking Board has filed a markup disclosure proposal with the Securities and Exchange Commission that it said will likely lower transaction costs for retail investors, enable them to better understand dealers' pricing practices, and improve investor confidence in the municipal market.

The Securities and Exchange Commission is asking a federal judge to allow it to submit an amended complaint that includes much more detailed charges against banker Peter Cannava in connection with an ill-fated private placement for startup video game company 38 Studios.

West Virginia’s attorney general has reached settlements totaling $1.28 million with four firms in a lawsuit that alleged they engaged in bid rigging and price fixing for municipal investments, the latest action in federal and state investigations of bid rigging in the muni market that stretch back more than ten years.

A Florida panel overseeing Opa-locka’s finances learned that the city is in default on $8.6 million in privately placed bank loans and acceleration of the debt is imminent.

Hawaii officials say they will upgrade an antiquated accounting system and take other steps to ensure that the state won’t repeat the violations it self-reported to the Securities and Exchange Commission.

The Municipalities Continuing Disclosure Cooperation Initiative was a particularly imaginative enforcement solution directed toward a very specific disclosure issue.

Financial regulators and others should work to reverse the increased narrowing of the municipal market caused by fewer retail investors and wealthier bondholders, the Securities and Exchange Commission’s Investor Advocate told regulators.

Piper Jaffray & Co. has agreed to pay a $12,500 fine after the Financial Industry Regulatory Authority found the firm submitted 23 disclosure documents related to primary offerings late to the Municipal Securities Rulemaking Board’s EMMA system.

An FBI corruption case is creating political discord in Puerto Rico, as one of two leading gubernatorial candidates asked for the President of Puerto Rico House of Representatives to resign.