Morgan Stanley Claim Nixed In Citi's $245M CDS Row

Law360, New York (May 27, 2011, 6:13 PM EDT) -- A New York federal judge on Wednesday dismissed Morgan Stanley & Co. International PLC's final counterclaim against Citibank NA in a suit alleging Morgan Stanley is liable for $245 million lost on a credit default swap agreement.

U.S. District Judge Shira A. Scheindlin rejected Morgan Stanley's argument that a contested June 22, 2006, e-mail message exchange during the swap negotiations — in which Citibank negotiator responded "OK" to Morgan Stanley's lead negotiator's understanding that Morgan Stanley would be contacted before any sale of the collateral —...
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Case Title

Citibank, N.A. v. Morgan Stanley & Co. International, PLC


Case Number

1:09-cv-08197

Court

New York Southern

Nature of Suit

Contract: Other

Judge

Shira A. Scheindlin

Date Filed

September 25, 2009

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