A Key Case In Financial Derivatives Litigation

Law360, New York (November 6, 2008, 12:00 AM EST) -- Financial derivatives, especially Credit Default Swaps ("CDS's") have received a lot of attention in the press lately. Up until now derivatives were obscure financial instruments known by only to a few. Today derivatives are the focus of the global economic crisis and have brought down major investment houses and a giant insurance company.

The very existence of many financial institutions is threatened due to these instruments that Warren Buffet famously referred to as "Weapons of Mass Financial Destruction." Currently, some business and legal commentators are predicting...
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