Hedge Fund Appeal Of Citibank CDS Suit Fails

Law360, New York (December 9, 2009, 5:33 PM EST) -- A U.K.-based hedge fund accusing Citibank NA of abusing a credit default swap agreement has failed to overturn a lower court ruling that entitled the bank to $10 million in disputed collateral and barred the fund from asserting breach of contract claims.

In a summary order Tuesday, a three-judge panel of the U.S. Court of Appeals for the Second Circuit affirmed the district court’s reasons for dismissing VCG Special Opportunities Master Fund Ltd.’s allegations in November 2008 and later refusing to reconsider the judgment in Citibank’s...
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