Tuesday, March 8, 2011

SEC Investigating Municipal Bond Funds

According to the Bond Buyer, the SEC is investigating municipal bond funds such as Oppenheimer's California Municipal Bond Fund, which is the subject of a class action lawsuit lead by Sparer Law Group. It appears that the SEC is focusing on the same issues identified in the Oppenheimer lawsuit:

"The commission’s examiners want to know about fund holdings and to what extent they own certain debt, such as tender-option bonds and unrated securities. They want details on fund-owned munis that have defaulted. They also are asking the funds how they conduct credit analysis and how they determine the values of the municipal securities they hold, sources said."

The overlap in issues between the SEC investigation and the Oppenheimer class actions is not a coincidence. According to the author, the investigation "may have been prompted by the ongoing litigation between shareholders in seven muni funds managed by OppenheimerFunds that is pending in a federal court in Denver."


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