Hedge Fund VCG To Pay Wachovia $2.1M In Swap Suit

Law360, New York (September 30, 2011, 10:04 PM EDT) -- A New York federal judge on Thursday ordered VCG Special Opportunities Master Fund Ltd. to pay Wachovia Bank NA $2.1 million, a year after dismissing the final claim in the hedge fund's suit against the bank over a credit default swap deal.

VCG, formerly CDO Plus Master Fund Ltd., had accused Wachovia of reneging on a CDS deal they struck in May 2007. Wachovia had paid regular premiums to VCG under the deal, while the hedge fund assumed the risks of a $10 million collateralized debt...
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