NY Court Puts Barclays On $297M Hook In Black Diamond Row
By Jeff Sistrunk
Law360, Los Angeles (October 24, 2013, 10:47 PM EDT) -- A New York appeals court on Thursday found that Barclays PLC breached a derivative agreement with a unit of Black Diamond Capital Management LLC and must return $297 million in collateral to the firm, saying Barclays defaulted on the agreement by failing to timely meet a collateral call.
In a 3-2 ruling, an appellate panel overturned Judge Eileen Bransten's August 2012 ruling denying Black Diamond unit BDC Finance LLC's motion for summary judgment on its breach of contract claim against Barclays. As a result of...