CDO's Credit Default Swap Suit V. Wachovia Trimmed

Law360, New York (July 14, 2009, 12:00 AM EDT) -- A federal judge has pared the claims in a hedge fund's suit accusing Wachovia Bank NA of reneging on a credit default swap deal, ruling that the agreement allows the bank to demand the credit support challenged by CDO Plus Master Fund Ltd.

On Monday, Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York granted Wachovia's motion for judgment on the pleadings on seven out of eight claims filed by CDO.

Judge Swain allowed only CDO's claim of breach...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.