The Securities Industry and Financial Markets Association has told a federal court in Alabama that the Securities and Exchange Commission made irrelevant and baseless arguments in urging the court to disregard its friend-of-the-court brief in a case involving Jefferson County interest rate swaps.

In a 13-page reply brief filed late Tuesday with the U.S. District Court for the Northern District of Alabama in Birmingham, SIFMA claimed the SEC has ample legal authority to pursue its allegations of wrongdoing against three individuals and a broker-dealer in connection with the county's bond issues without regard to the county's swap issues.

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