A federal judge in New York has dismissed a case filed by the Erie, Pa. School District alleging that JPMorgan charged it more than $1 million in excess fees on a swaps transaction.

Erie cannot assert a securities fraud claim because the fixed-to-floating rate swap does not meet the definition of a "security-based swap agreement," Judge Loretta A. Preska of the Southern District of New York said in a hearing held Jan. 21, the transcript of which was entered with an order signed Friday.

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