Streamlining Swaps Litigation

Law360, New York (May 30, 2012, 12:00 PM EDT) -- In an important decision that could allow participants in the swap market to more quickly enforce a counterparty’s payment obligations, Justice Bernard J. Fried of the Supreme Court for New York County has held for the first time that liability for a payment default under an ISDA-based swap agreement can be decided on an expedited basis using a New York procedural mechanism known as a motion for summary judgment in lieu of a complaint.

Lawsuits seeking to enforce payment under ISDA agreements, which are generally governed...
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