SEC Can't Jump-Start JPMorgan Pay-To-Play Suit

Law360, Chicago (June 7, 2013, 8:12 PM EDT) -- A federal judge on Friday rejected the U.S. Securities and Exchange Commission’s bid to move forward without the testimony of a key witness in a long-stalled suit against two former J.P. Morgan Securities Inc. directors over an alleged pay-to-play scheme in now-bankrupt Jefferson County, Ala.

The SEC’s suit against former JPMorgan managing directors Douglas W. MacFaddin and Charles E. LeCroy will have to wait until next April to proceed, after cooperating witness Douglas Goldberg is sentenced and can submit to a deposition, according to an order...
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