WASHINGTON -- A law passed by Congress to allow reinstatement of securities fraud suits, including those involving municipal bond deals, that were dismissed as a result of a 1991 Supreme Court decision is unconstitutional, an attorney for securities fraud defendants told the high court yesterday.

The law reverses the roles of Congress and the courts and should be invalidated, said Theodore Olson, an attorney with the Washington office of Gibson, Dunn & Crutcher.

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