Calyon Seeks $1.6B Over Subprime Securities

Law360, New York (August 25, 2009, 4:49 PM EDT) -- French investment bank Calyon has sued Germany's IKB Deutsche Industriebank AG in a British court for more than $1.6 billion in damages related to claims brought by Financial Guaranty Insurance Co. against both banks in 2008 over a series of debt securities and insurance related to subprime mortgages.

Calyon, part of Credit Agricole SA, brought proceedings against IKB in the High Court of Justice in London, the German bank said Tuesday.

The suit is related to FGIC's March 2008 suit against the two European banks in...
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