JPMorgan Chase said US SEC officials  approved filing an enforcement action against it for securities law violations involving bond and swap sales for Jefferson County, Alabama, reports Bloomberg. Jefferson County faces bankruptcy on $3bn of floating-rate ‘sewer debt’ after interest rates surged when the credit ratings of insurers backing the bonds were cut. The county is negotiating with creditors including JPMorgan to restructure debt payments.

This entry was posted by Gwen Robinson on Friday, May 8th, 2009 at 4:55 and is filed under Capital markets. Tagged with jefferson county, jpmorgan. Edit this entry.