WASHINGTON -- The Supreme Court yesterday let stand a lower court ruling that municipal bond lawyers said threatens to broaden their liability under the antifraud provisions of securities law.

The lower court ruling would increase the liability of lawyers under Section 10(b) of the Securities Exchange Act and change the accepted pattern of investor reliance on legal opinions by municipal bond and other attorneys, according to the National Association of Bond Lawyers and a group of law firms that intervened in the case, Arvey, Hodes, Costello & Buman v. Kline and Knops.

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