Depositions Stayed In SEC's Muni Bond Fraud Suit

Law360, New York (May 18, 2011, 2:36 PM EDT) -- An Alabama federal judge on Tuesday stayed key depositions in the U.S. Securities and Exchange Commission’s fraud suit against two former J.P. Morgan Securities Inc. directors in deference to the Department of Justice’s antitrust probe of the municipal bond market.

The SEC’s suit accusing the J.P. Morgan managing directors of paying $8 million in handouts to land $5 billion in county bond underwriting and swap agreement business from Jefferson County, Ala., will have to wait six months for three depositions that the DOJ claimed jeopardized its...
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