What is the current state of the law in relation to municipal securities litigation?
MultiRegion, United States of America
The following excerpt is from Washington Public Power Supply System Securities Litigation, In re, 823 F.2d 1349 (9th Cir. 1987):
22 Cf. In re New York City Municipal Securities Litigation, 507 F.Supp. 169, 187-88 (S.D.N.Y.1980) (no private right of action against municipality).
1 The private right of action was first recognized in Osborne v. Mallory, 86 F.Supp. 869 (S.D.N.Y.1949).
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