MNA Requests Meeting with US Bank in order to Save Allina Money
By Mathew Keller, RN JD
Regulatory and Policy Nursing Specialist
We’ve detailed at length the connections between Piper Jaffray and Allina. Piper Jaffray, as you recall, served as a broker/dealer to a 2007 “Auction Rate Security” bond offering that ultimately led Allina to sue. Allina claimed that the other broker-dealer (UBS) knew the Auction Rate Security market would fail mere months after the bond offering, but, interestingly, Allina did not make that claim against Piper. This transaction caused Allina to lose tens of millions of dollars in penalty interest rates, interest rate swaps, and early termination fees when it refinanced the bonds.
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