JPMorgan Directors Fail To Dodge SEC Suit

Law360, New York (August 6, 2010, 2:52 PM EDT) -- A judge has denied attempts by two former J.P. Morgan Securities Inc. directors to dismiss a U.S. Securities and Exchange Commission suit accusing them of engaging in a pay-to-play scheme.

Judge Abdul K. Kallon of the U.S. District Court for the Northern District of Alabama on Wednesday denied the motions to dismiss filed by Charles E. LeCroy and Douglas MacFaddin, who had argued that the SEC does not have the authority to bring the case.

The agency has accused the pair of bribing government officials to...
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