Morgan Stanley Hits Back In $245M CDS Contract Spat

Law360, New York (March 1, 2010, 6:54 PM EST) -- Morgan Stanley & Co. International PLC has asked a federal judge to throw out a contract suit claiming it shirked its obligation to pay Citibank N.A. more than $245 million allegedly owed pursuant to a credit default swap agreement meant to protect Citibank from losses on a $366 million loan.

Morgan Stanley filed its bid to dismiss Citibank's complaint for failure to state a claim upon which relief could be granted on Friday in the U.S. District Court for the Southern District of New York....
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