WASHINGTON — In a new challenge to the Securities and Exchange Commission’s enforcement jurisdiction over certain swaps, attorneys for two former JPMorgan bankers that secured swap transactions for the firm with Jefferson County, Ala., are urging a federal judge to throw out most of the securities fraud charges the SEC filed against them in November.
The SEC charged the former bankers made more than $8 million in undisclosed payments to close friends of certain county commissioners and broker-dealers to ensure that JPMorgan would be selected as managing underwriter of bond offerings and that the firm’s affiliated bank would be chosen as swap provider.
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