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NUVEEN MUN. HIGH INCOME OPPO. FUND v. ALAMEDA CITY

Nos. 11-17391, 11-17496.

730 F.3d 1111 (2013)

NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND; The Nuveen Municipal Trust on behalf of its Series Nuveen High Yield Municipal Bond Trust, Plaintiffs-Appellants, v. CITY OF ALAMEDA, CALIFORNIA, on behalf of itself and Alameda Power & Telecom; Alameda Power & Telecom, a department of the City of Alameda; Alameda Public Financing Authority; Alameda Public Improvement Corporation, Defendants-Appellees. Nuveen Municipal High Income Opportunity Fund; The Nuveen Municipal Trust on behalf of its Series Nuveen High Yield Municipal Bond Trust, Plaintiffs-Appellees, v. City of Alameda, California, on behalf of itself and Alameda Power & Telecom; Alameda Power & Telecom, a department of the City of Alameda; Alameda Public Financing Authority, Alameda Public Improvement Corporation, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed September 19, 2013.

Attorney(s) appearing for the Case

Scott W. Wilkinson (argued), Michael P. Cillo , and Melissa J. Hessler , Davis & Ceriani, P.C., Denver, CO, for Plaintiffs-Appellants and Cross-Appellees.

Gregory R. Aker (argued), Eric J. Firstman , and Richard E. Elder , Wulfsberg Reese Colvig & Firstman, P.C., Oakland, CA; Janet C. Kern , Office of the City Attorney, City of Alameda, Alameda, CA, for Defendants-Appellees and Cross-Appellants.

Before: M. MARGARET McKEOWN and PAUL J. WATFORD, Circuit Judges, and ALGENON L. MARBLEY, District Judge.

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...

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