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SEC Drops Case Against Manager Who Packaged ‘Squared’ CDO

The U.S. Securities and Exchange Commission dropped its lawsuit against former GSC Capital Corp. executive Edward Steffelin over his work on a JPMorgan Chase & Co. collateralized debt obligation that later defaulted.

The SEC, which sued Steffelin in June 2011, agreed to dismiss its claims against him with prejudice, or without the option of filing them again in the future, according to papers in federal court in Manhattan. The papers, dated Nov. 8, were filed publicly today.