Sonnenfeld v. City & County of Denver
Court of Appeals for the Tenth Circuit
1Opinion of the Court
BRISCOE, Circuit Judge.
Plaintiffs brought these four consolidated class actions alleging the City and County of Denver made false and misleading statements, in violation of § 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. § 78j(b)) and Securities Exchange Commission Rule 10b-5, in the issuance of bonds to finance a new airport. Denver moved to dismiss, arguing there is no implied private right of action against municipalities under § 10(b) or Rule 10b-5 and that it was immune under the Eleventh Amendment. Denver appeals the district court’s denial of its motion. We have jurisdiction…
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