CFIP Spars With Citi, US Bank Over Swap Agreement

By Christopher Norton

Law360, New York (March 15, 2010, 3:23 PM ET) -- CFIP Master Fund Ltd. has asked a judge to hold three Citigroup Inc. arms and US Bank NA responsible for allegedly misappropriating $15 million in a breach of contract action over a credit default swap gone sour, while Citi has squared off in opposition to CFIP's bid.

CFIP and Citi filed motions seeking summary judgment on CFIP's claims in the U.S. District Court for the Southern District of New York on Friday, each arguing that the language of the swap should clearly be read in its...
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