WASHINGTON - Seeking to rein in private securities fraud suits, a broad coalition of financial services and manufacturing trade groups asked the U.S. Supreme Court this month to decide what legal standard should apply.

The American Bankers Association, Securities Industry Association, and three other groups said the justices have put off this issue for two decades. Now is the time to resolve it, the groups wrote in a July 8 friend-of-the-court brief in Montgomery Securities and PaineWebber Inc. v. Richard Dannenberg.

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