In a related matter, Jefferson County has filed suit against JP Morgan Chase & Co. and others. This suit, contending that some of the county’s sewer systems financing deals were tainted by fraud and conspiracy, appears to be long overdue. The suit filed in Jefferson County Circuit Court claims the deals increased the county’s sewer bond debt by millions of dollars and exposed the county “to an unconscionable degree” of financial risk. The county, which has been pushed to the brink of bankruptcy by the huge debt, could recover damages in this case estimated to be in the billions of dollars.
Source: Birmingham News
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