Webb v. First Tennessee Brokerage, Inc., in which the court held that a purchaser of Lehman Brothers bonds was not required to arbitrate dispute with broker; cautionary tale for brokerage firm clients.
Wall Street Journal article on an investment firm specializing in distressed municipal debt.
IRS announces new Exempt Organizations Workshops focusing on changes to Form 990.
GASB’s white paper articulating the differences between private sector and governmental accounting.
MSRB discusses questionable dealer contracts and plans for new rules concerning financial advisory contracts with issuers that appear to disclaim away the dealers’ legal and regulatory obligations.
SEC charges the city of Victorville, underwriter, and others with defrauding municipal bond investors.
Otherwise, it was a rather strange week, characterized by inept discus throwers, inscrutable private letter rulings, the Connecticut Supreme Court’s seminal ruling that a deck is not a “building,” and the terrifying precedent created by a Tennessee court’s ruling that there exists no constitutional right to a liquor store. Your editor must now find a new rational basis for his continuing existence.

Bond Case Briefs