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Port Authority of NY-NJ admits wrongdoing over roadway projects

NEW YORK (Reuters) - The Port Authority of New York and New Jersey has agreed to pay $400,000 to settle charges it failed to inform investors of risks to roadway projects, becoming the first municipal bond issuer to admit wrongdoing in an enforcement action with U.S. securities regulators.

The Securities and Exchange Commission's probe is part of a sprawling web of investigations that began following the so-called Bridgegate controversy, the politically motivated closure of several lanes at the George Washington Bridge in 2013.

(Reporting by Hilary Russ; Editing by Jeffrey Benkoe)

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