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City Claims Victory in Alameda Power and Telecom Lawsuit

Alameda Municipal Power Office

A federal appeals court affirmed a decision in favor of the City of Alameda in a lawsuit field by investors who put money up to fund a municipal entry into the cable television business. (File Photo)

Last week the City of Alameda claimed victory in a lawsuit originally filed in 2008 against Alameda Power and Telecom, now Alameda Municipal Power, over investor losses pertaining to the city-owned utility’s foray into cable television and Internet access.

In 2008, the Alameda Municipal Power, then known as Alameda Power and Telecom, sold its foundering cable TV and Internet access division to Comcast for a significant loss.

Arising from that loss, an investor group, Nuveen Asset Management, sued the City of Alameda for losses that resulted from the sale of the division, and the investors’ previous purchase of some $33 million in bonds issued by Alameda in 2004 to finance the build-out of the local cable and Internet access network.

On September 19th, the federal Ninth Circuit appeals court affirmed a lower court decision that dismissed Nuveen’s claims, saying they are meritless.

The City of Alameda expects this to be the end of the matter, unless Nuveen convinces the court to rehear the case or otherwise entertain an appeal.

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