Peru sold approximately $3 billion of debt in 2015 based upon “materially misleading” prospectuses, according to Professor John C. Coffee, one of the leading experts in U.S. securities law.  Professor Coffee was retained by one of ABDA’s members to provide his opinion on whether The Republic of Peru had violated U.S. securities law by omitting material information and making material misstatements in prospectuses filed with the U.S. Securities and Exchange Commission (SEC).