Affiliated Computer Off Hook In Default Dispute

By Richard Vanderford

Law360, New York (April 16, 2009, 12:00 AM ET) -- A failure to file timely reports with the U.S. Securities and Exchange Commission does not constitute a breach of indenture agreement, a federal circuit court has ruled in the case of a technology company hounded by bond holders after it missed an SEC filing date while the company conducted an internal investigation into its stock options backdating practices.

Judges Edith Jones, Jacques Wiener and Carl Stewart of the U.S. Court of Appeals for the Fifth Circuit ruled Thursday that Affiliated Computer Services' failure to file its...
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