Do federal securities laws make your head hurt?
Sometimes they cause Blawgletter's synapses to misfire.
Take today. In Nuveen Municipal High Income Opportunity Fund v. City of Alameda, No. 11-17391 (9th Cir. Sept. 19, 2013), the ruling turned on what our securities-lawyer friends call "loss causation". Which they contrast with "transaction causation".
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