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California Infrastructure and Economic Development Bank : Refunding Revenue Bonds, Series 2007A and Series 2007B Summary: According to a press release dated June 30, 2009, a class action lawsuit was filed on behalf of a class of persons or entities that hold a derivative interest as of June 10, 2009 in bonds issued by the California Infrastructure and Economic Development Bank, referred to as Refunding Revenue Bonds, Series 2007A and Series 2007B (COPIA: The American Center for Wine, Food & The Arts Project), issued pursuant to a certain Indenture dated May 1, 2007, between the California Infrastructure and Economic Development Bank and The Bank of New York Trust Company, N.A. (the "2007 Copia Bonds").
Specifically, the complaint alleges that the Prospectus for the 2007 Copia Bonds was false and misleading in that it was affirmatively represented in the Prospectus that the 2007 Copia Bonds had been issued for the express purpose of defeasance of a prior 1999 bond issue (the "1999 Bonds") on or before September 7, 2007. The Complaint alleges that the representation was false in that, in order for the prior 1999 Bonds to have been defeased, a written opinion of counsel was required by Section 10.03(4) of the 1999 Bonds Indenture, which was not provided as required. Therefore, the 1999 Bonds have never been made the subject of any proper or legal defeasance and could never have been made the subject of any proper or legal defeasance. The Complaint alleges that the misrepresentation and failure to disclose the lack of any proper or legal defeasance respecting the prior 1999 Bonds and the 2007 Copia Bonds allowed what would have been otherwise unmarketable bonds to be issued and sold. The Complaint alleges that the holders of a derivative interest in the 2007 Copia Bonds suffered substantial losses as a result.
The action names as defendants Infrastructure and Economic Development Bank; The Bank of New York Mellon Trust Company, N.A., ACA Financial Guaranty Corporation ("ACA"), and Orrick, Herrington & Sutcliffe, LLP. Defendants are charged with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and ACA also is charged with insurance bad faith.
On September 11, 2009, Judge Garland E. Burrell, Jr., signed the tentative ruling approving William George's motion to be appointed lead plaintiff and further approving his selection of McGrane Greenfield, LLP, and Kershaw, Cutter & Ratinoff, LLP, as lead counsel. On October 20, 2009, the lead plaintiff filed a Consolidated Complaint For Violation Of Section 10(b) Of The Securities Exchange Act Of 1934 And Of Rule 10b-5 Promulgated Thereunder.
INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Regional Banks
| COMPANY/ISSUER NAME: | California Infrastructure and Economic Development Bank |
| COMPANY/ISSUER TICKER: | |
| COMPANY WEBSITE: | http://www.ibank.ca.gov/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Copia Claims LLC, et al. v. California Infrastructure and Economic Development Bank, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violation Of Section 10(b) Of The Securities Act Of 1934 And Of Rule 10b-5 Promulgated Thereunder - Class Action Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 06/10/2009 | ||
| First Amended Complaint For Violation Of Section 10(b) Of The Securities Act Of 1934 And Of Rule 10b-5 Promulgated Thereunder; Insurance Bad Faith - Class Action Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 06/16/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 06/29/2009 | ||
| Tentative Ruling on motion to Appoint Lead Plaintiff and To Approve Lead Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 09/11/2009 | ||
| Order | |||
| Type: Order Appointing LP/LC | Date on the document: 09/15/2009 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| William George, et al. v. California Infrastructure and Economic Development Bank, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Type: | Date on the document: | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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