WASHINGTON -- The Supreme Court will consider later this month whether to review an appeals court ruling that municipal bond lawyers say adversely broadens their liability under the antifraud provisions of securities law.

If the ruling by the U.S. Court of Appeals for the Third Circuit is allowed to stand, attorneys would face enormous liability for securities fraud under Section 10(b) of the Securities Exchange Act of 1934, even though the law does not explicitly recognize such liability, the National Association of Bond Lawyers said.

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