Quick Ruling Nixed In Swaps Suit Tied To $895M Brazil Road

Law360, New York (February 2, 2012, 6:04 PM EST) -- A New York state judge said Thursday that it was too soon to rule on whether a Brazilian infrastructure operator must pay three European banks $29 million from interest-rate swaps tied to an $895 million upgrade of a Sao Paulo toll road.

Judge Charles Ramos said at the conclusion of a hearing Thursday that the documents governing the financing deal weren't clear enough for him to rule on the dispute now.

"We have a triable issue," the judge said in his downtown Manhattan courtroom. "I can't...
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