CHICAGO -- A key securities lawyer warned yesterday that bond lawyers are gaining a reputation for obstructing efforts to improve secondary-market disclosure and said regulatory action from Washington may be needed to break the logjam.

"It is distressing to have to report that the group assembled here today is emerging in the eyes of some observers as more of a bottleneck than a modulator, more of an obstruction than a damper," said Gregory Sandomirsky, in a keynote address at the National Assocation of Bond Lawyers' three-day workshop here.

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