Sugar Co. Asks 2nd Circ. To Toss $146M Merrill Swap Ruling

Law360, New York (August 23, 2013, 2:24 PM EDT) -- A Brazilian sugar and ethanol company urged the Second Circuit on Friday to reverse a lower court's ruling that it owes Merrill Lynch Capital Services Inc. $146 million on a soured swap contract, arguing that Merrill breached its fiduciary duty by promoting the deal ahead of the 2008 financial crisis.

At issue is an interest rate and currency swap that Usinas Itamarati SA entered into in 2008, which initially curbed interest rates on a $125 million loan the company's financing arm took out from Merrill in...
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