A closely watched appeals court case that could determine whether investors may sue firms over allegedly faulty disclosure for auction-rate securities has pitted the Securities and Exchange Commission (SEC) against a broker-dealer group.

The SEC and the Securities Industry and Financial Markets Association (SIFMA) have each filed opposing friend-of-the-court briefs in the litigation, which is pending before the U.S. Court of Appeals for the Second Circuit in New York City.

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