WASHINGTON -- A warning by the Municipal Securities Rulemaking Board that its rules are not subject to the First Amendment and cannot be struck down is "patently incorrect," lawyers for Alabama bond dealer William B. Blount charged Monday.

Williams & Connolly made that argument and other statements in a 26-page brief filed with the U.S. Court of Appeals for the District of Columbia on behalf of Blount, who filed a lawsuit April 26 challenging the constitutionality of the MSRB's controversial Rule G-37.

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.