Swiss Re, BNY Fight €62.5M Swap Liability

Law360, New York (February 28, 2011, 4:32 PM EST) -- Attorneys for Swiss Reinsurance Co. Ltd. and Bank of New York Mellon Corp. told a New York judge Monday that they weren't responsible for the collapse of a complex debt deal that cost a Dutch insurer €62.5 million ($86.2 million).

Quinn Emanuel Urquhart & Sullivan LLP's Christine H. Chung, who represents Swiss Re, told Judge Barbara Kapnick of the Supreme Court of the State of New York, County of New York, that Swiss Re's actions were kosher under "somewhat unusual" contract provisions, which the Dutch insurer...
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