Brookfield Suit Says AIG Collapse Ended Swap Deal

Law360, New York (September 30, 2009, 6:40 PM EDT) -- Brookfield Asset Management Inc. has fired off an action against American International Group Inc., seeking a declaratory judgment that the insurer’s financial collapse led to the automatic termination of two interest-rate swaps.

Brookfield and its subsidiary, Brysons International Ltd., lodged the suit in the U.S. District Court for the Southern District of New York on Wednesday, claiming AIG’s financial troubles triggered default provisions under the 1990 swap agreement and asserting that Brysons is no longer obligated to make any payments to AIG’s financial products subsidiary....
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