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US SEC Faces Legal Challenge Over JPMorgan Chase & Co's Copper ETF From Encore Wire Corp and Southwire Company Inc-Reuters

Tuesday, 12 Feb 2013 05:49pm EST 

Reuters reported that Encore Wire Corp and Southwire Company Inc are launching a legal challenge against the U.S. Securities and Exchange Commission approval of JPMorgan Chase & Co's physically backed copper exchange traded fund (ETF). The companies, which say the copper ETF will inflate prices for the metal and distort supplies, filed a notice of appeal on February 12, 2013 asking the U.S. Court of Appeals in Washington D.C. to review the SEC's December 14, 2013 ruling that gave the go ahead for the copper ETF. Legal action could further frustrate JPMorgan's efforts to launch the JPM XF Physical Copper Trust, more than two years after it first filed for approval. Spokeswomen for JPMorgan and the SEC declined to comment. 

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