Citibank Pushes 2nd Circ. To Uphold $268M Win In CDS Suit

Law360, New York (August 21, 2012, 7:28 PM EDT) -- Citibank NA on Tuesday urged the Second Circuit to uphold its $268 million win against Morgan Stanley & Co. in a complicated contract suit over a credit default swap, saying the deal was unambiguous.

A lawyer for Citibank said a Manhattan federal court judge properly found that the terms of the complex swap, which was triggered during the economic crisis, could be decided without a jury in Citibank's favor.

The CDS, linked to a collateralized debt obligation created with $366 million of Citibank's money, required Citibank...
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