WASHINGTON — As it teeters on the brink of bankruptcy, Jefferson County, Ala., is taking the unprecedented step of asking the Securities and Exchange Commission to play a role in restructuring its $3.2 billion sewer debt portfolio.

In a letter sent Wednesday to SEC chairman Mary Schapiro, County Commission president Bettye Fine Collins urged the agency to make available to the county any disgorged ill-gotten gains and penalties the SEC might collect in any enforcement case against JPMorgan. The letter came about a month after the firm disclosed that it may be charged by the commission with securities fraud over its work on the county’s 2002 and 2003 warrant and swap deals

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