In a move that will close a case in New York federal court, Pennsylvania's Erie School District has decided not amend its complaint against JPMorgan that accused the company of charging more than $1 million in excess fees on a swaps transaction, according to a letter from the district's attorney filed yesterday.

Judge Loretta A. Preska of the Southern District of New York last month dismissed the Erie district's initial complaint, but gave the school board time to amend it, according to a transcript of a hearing released last week. The school board could not assert a securities fraud claim because the fixed-to-floating rate swap did not meet the definition of a "security-based swap agreement," the judge said.

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