SEC Wants Trial Date In Ala. Suit Against Bankers

By: The Associated Press
By: The Associated Press

BIRMINGHAM, Ala. (AP) -- 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.

Reports say 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.

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