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NEW ORLEANS CITY v. AMBAC ASSUR. CORP.

No. 15-30532.

815 F.3d 196 (2016)

NEW ORLEANS CITY, Plaintiff-Appellant v. AMBAC ASSURANCE CORPORATION; Ambac Financial Services, L.L.C., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

March 2, 2016.

Attorney(s) appearing for the Case

Gladstone Nathaniel Jones, III, Esq. , Attorney, Harvey Sylvanous Bartlett, III , Catherine E. Lasky , Kerry A. Murphy , Jones, Swanson, Ruddell & Garrison, L.L.C., Sharonda R. Williams, Esq. , City Attorney's Office, James Richard Swanson , Attorney, Fishman Haygood, L.L.P., New Orleans, LA, for Plaintiff-Appellant.

James Patrick Sullivan , King & Spalding, L.L.P., Austin, TX, Brent Bennett Barriere, New Orleans, LA, for Defendants-Appellees.

Before CLEMENT and HAYNES, Circuit Judges, and GARCIA MARMOLEJO, District Judge.

To help fund a pension plan for firefighters, the City of New Orleans ("the City") decided to issue municipal bonds in December 2000. City officials enlisted the help of an accounting firm, three law firms, and a financial advisory firm to consult in the bond issuance. At the time, the City's

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