Nuveen Municipal High Income Opportunity Fund v. City of Alameda
Court of Appeals for the Ninth Circuit
1Opinion of the Court
OPINION
McKEOWN, Circuit Judge:
This appeal stems from the City of Alameda’s offering of municipal bonds to finance the development of a cable and Internet system. Nuveen Municipal High Income Opportunity Fund, the Nuveen Municipal Trust for the Nuveen High Yield Municipal Bond Fund, and Pacific Specialty Insurance Company (collectively, “Nuveen”) purchased about twenty million dollars worth of the bonds and then lost money on the bonds when the City sold the system several years later. Nuveen brought federal and state securities claims against the City, alleging that the City misrepresented…
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