SEC Rebuffs JP Morgan Pay-To-Play Dismissal Effort

Law360, New York (February 11, 2010, 6:29 PM EST) -- The U.S. Securities and Exchange Commission has declared that interest rate swaps fall under its enforcement purview — a proclamation at odds with some financial industry members' contentions — in a lawsuit accusing two former JP Morgan Securities Inc. managing directors of engaging in a pay-to-play scheme to win a $5 billion municipal bond deal.

The agency asserted its arguments for why it can bring claims over interest rate swaps in a filing submitted on Wednesday in the U.S. District Court for the Northern District of...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.