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CREJ News

Oct. 21, 2008

San Francisco Sues Five Municipal Bond Insurers

By DHYANA LEVEY Daily Journal Staff Writer SAN FRANCISCO - On Oct. 8 San Francisco City Attorney Dennis Herrera accused five municipal bond insurers of misleading the city into buying millions of dollars of worthless insurance coverage.

By DHYANA LEVEY

Daily Journal Staff Writer

SAN FRANCISCO - On Oct. 8 San Francisco City Attorney Dennis Herrera accused five municipal bond insurers of misleading the city into buying millions of dollars of worthless insurance coverage.

The situation reached "disaster levels" when these bond insurance companies - after taking hundreds of millions of dollars in premiums from California cities - then insured hundreds of billions of dollars of subp...

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