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FINANCIAL SECURITY ASSUR., INC. v. STEPHENS, INC.

No. 04-14894.

450 F.3d 1257 (2006)

FINANCIAL SECURITY ASSURANCE, INC., Plaintiff-Appellant, v. STEPHENS, INC., Hayes, James & Associates, Inc., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

May 31, 2006.

Attorney(s) appearing for the Case

Julie Ann Lierly, William H. Boice, Stephen E. Hudson, Kilpatrick Stockton, LLP, Atlanta, GA, Peter N. Wang, Friedman, Wang & Bleiberg, P.C., Kimberly J. Shur, Foley & Lardner, LLP, New York City, for Plaintiff-Appellant.

Stacey Godfrey Evans, Thomas S. Richey, Powell Goldstein, LLP, Patrick Michael Phillips, John W. Greenfield, Greenfield, Bost & Kliros, P.C., Atlanta, GA, for Defendants-Appellees.

H. Peter Haveles, Jr., Arnold & Porter, LLP, John D. Gordan, III, Morgan, Lewis & Bockius, LLP, New York City, for Amici Curiae.

Before TJOFLAT and KRAVITCH, Circuit Judges, and LAWSON, District Judge.

KRAVITCH, Circuit Judge:

The primary issue presented in this case is whether an insurer of municipal bonds that becomes the owner of those bonds upon default has standing pursuant to § 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5. The plaintiff, Financial Security Assurance, Inc. ("FSA"), appeals the district...

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