REFILE-SEC faces legal challenge on approval for JPMorgan's copper ETF

NEW YORK Tue Feb 12, 2013 4:28pm EST

NEW YORK Feb 12 (Reuters) - U.S. copper fabricators Southwire Co and Encore Wire Corp are launching a legal challenge against the U.S. Securities and Exchange Commission approval of JPMorgan Chase & Co's controversial, physically-backed copper exchange traded fund (ETF).

In a notice of appeal filed with the U.S. Court of Appeals in Washington D.C. on Tuesday, the companies asked the court to review the SEC's ruling from Dec. 14 that gave the go ahead for the copper ETF that they say will inflate copper prices and distort supplies.