Most Active Stories
- "More Bridges to Cross..."
- "My favorite story..." by Kathryn Tucker Windham's daughter...
- 'Biblical marriage' rally planned in Dothan
- Charter school bill in House, prison reform bill headed to Senate, and kids "Kick Butts"
- Madison police officer trial moved up, Kick Butts Day, Charter school legislation
Birmingham Municipal Sewer Bonds
Sat March 16, 2013
SEC Wants Trial Date in Ala. Suit Against Bankers
Federal regulators are asking a federal judge in Birmingham to set a trial date and avoid further delays in a civil fraud lawsuit against two former bankers accused of making payoffs to win billions of dollars in deals involving municipal sewer bonds.
Al.com reports (http://bit.ly/Zy7Uik ) attorneys for the U.S. Securities and Exchange Commission asked a judge last week to set a trial date in its 2009 lawsuit. It accuses ex-bankers Charles LeCroy and Douglas MacFaddin of paying $8.2 million to friends of Jefferson County officials so that J.P. Morgan Securities Inc. could obtain $5 billion in Jefferson County sewer bond offerings and other transactions.
Both LeCroy and MacFaddin, both former J.P. Morgan directors, oppose the case going to trial until a key witness can be deposed. Both men deny wrongdoing.
Copyright 2013 The Associated Press.