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Alameda Municipal Power Says Nuveen Lawsuit Dismissed

Alameda Municipal Power and the City of Alameda announced yesterday that the U.S. District Court for the Northern District of California has dismissed a more than $15 million lawsuit against the City for losses that investors incurred with the demise of the electric utility’s cable TV and Internet access division.

Nuveen Asset Management had brought the suit in 2008 to recoup losses from bond investments it made but which weren’t paid back with the sale of the telecom division to Comcast. According to the City’s announcement, Judge Susan Illson handed down a 38-page decision granting summary judgment in favor of the City of Alameda.

Separately, according to meeting material’s for Monday’s Public Utilities Board meeting (the Board oversees Alameda Municipal Power), the utility is set to spend $20,000 to $30,000 per year to purchase a bond that will secure a $2 million judgement against the utility in a separate lawsuit tied to the former telecom division. In April of last year, the same U.S. District Court ruled against the City of Alameda in the amount of $1,948,129 in a lawsuit that Vectren Communications Services had brought forth related to construction work they had done for the telecom division’s network.

Alameda Municipal Power has appealed that judgment, but pending the appeal, Vectren could try to enforce the judgment to get their money, unless the utility posts a “supersedeas” bond to secure the funds for Vectren.

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