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November 10, 2011

Alabama County That Sued JPMorgan Files for Bankruptcy 
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Jefferson County in Alabama has filed the biggest municipal bankruptcy
in U.S. history after failing to refinance nearly $4 billion in debt.
Jefferson County was mired in debt after reaching a complicated scheme
with Wall Street investors to finance the cost of rebuilding a broken
sewer system. The county reached an agreement with the Wall Street giant
JPMorgan to refinance through interest rate swaps, but later sued the
firm after its debt ballooned on what was initially a $250 million
project.



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