The nation’s largest manufacturing association is asking the Securities and Exchange Commission to investigate what the group alleges is wrongdoing committed by seven California municipalities and New York City in their municipal bond offerings.
The National Association of Manufacturers announced Thursday that it had sent a March 27 letter to LeeAnn Gaunt, chief of the SEC’s Public Finance Abuse Unit, asking her to investigate alleged fraud committed by New York and the California municipalities of City of San Francisco, City of Oakland, Imperial Beach, City of Richmond, City and County of Santa Cruz, Marin County, and San Mateo County.
Each of these localities have filed lawsuits against oil companies seeking billions of dollars in damages to pay for infrastructure to protect coastal cities from potential rising floodwaters that they say could result from global warming.