A bondholder on Tuesday filed a class action lawsuit charging the New Jersey Turnpike Authority with securities fraud and negligent misrepresentation for calling $416 million of 7.20% bonds due in 2018.

The lawsuit, which seeks compensatory damages of about $17 million, was filed in the U.S. District Court in Newark by Herbert Geist, a turnpike authority bondholder who claims the authority should have paid him a 3% premium when it called $25,000 of his bonds on Dec. 6 last year.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.