LOS ANGELES -- California Treasurer Kathleen Brown testified on Friday that she objected to an advertisement critical of zero coupon bonds that has become a central issue in a libel suit against a bond investor newsletter.

The full-page ad, placed in the Sept. 16, 199 1, issue of Newsweek magazine by College Savings Bank of Princeton, N.J., promoted the bank's "CollegeSure" certificates of deposit product. The advertisement proclaimed that parents saving for college should "just say ~NO!'" to zero coupon bonds, which pay no interest until maturity.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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