Alabama county can sue JPMorgan over fraud: court

Reuters News
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Posted: Apr 15, 2011 3:13 PM

BIRMINGHAM (Reuters) - Alabama's indebted Jefferson County can move forward with a lawsuit against JPMorgan Chase and others it accuses of selling it corrupt financial products, the state supreme court said on Friday.

Jefferson County is suing JPMorgan, its principal creditor, in a bid to recover funds it lost through auction and swap rate instruments it purchased to refinance an upgrade to its sewer system.

(Reporting by Melinda Dickinson; Writing by Matthew Bigg; Editing by James Dalgleish)