A wire and cable manufacturer is fighting a proposed ETF in federal court.
Joe Richter of Bloomberg reports
that on Thursday Carrollton, Georgia-based Southwire
asked the U.S. Court of Appeals in Washington to examine the SEC's February decision
to approve BlackRock
's planned iShares
] copper ETF. Southwire fears the ETF will trigger "an investor-financed squeeze of the market.
The challenge may not come as a surprise to commodity fundsters. J.P. Morgan filed
back in October 2010 to launch a similar ETF. The SEC delayed
approving that product last summer, then again
in the fall, before finally giving J.P. Morgan the go-ahead
in December. And Southwire mounted a legal challenge
to that ETF, too, in February.
Neil Anderson, Managing Editor
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