Debt Dialogue: April 2017

This month's issue of Debt Dialogue addresses issues of disclosure and contract interpretation, enforcement in the muni bond space, accounting for trustee fees, and more.

Topics covered in this issue include:

• Anti-Fraud Liability for a Violation of Duty to Disclose Trends Heads to the Supreme Court
  Item 303 of Regulation S-K requires issuers to disclose in their annual reports on Form 10-K and quarterly reports on Form 10-Q "known trends or uncertainties." Last year, the Second Circuit held that the alleged failure to comply with this item could support an anti-fraud claim under Rule 10b-5. The Supreme Court has granted certiorari in the case, and its decision will undoubtedly affect disclosures of reporting issuers in the gray area of trending events.