BRADENTON, Fla. - JPMorgan has filed a counterclaim for $122 million plus expenses and legal fees in the federal case brought by the Alabama Public School and College Authority, which is seeking to void a swap option it entered with the investment banking firm.

The APSCA last October sought a declaratory judgment as to whether a swaption it entered in 2002, and amended in 2003, was a legal hedging agreement under Alabama law.

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