Hedge Fund VCG To Pay Wachovia $2.1M In Swap Suit

Law360, New York (September 30, 2011, 10:04 PM EDT) -- A New York federal judge on Thursday ordered VCG Special Opportunities Master Fund Ltd. to pay Wachovia Bank NA $2.1 million, a year after dismissing the final claim in the hedge fund's suit against the bank over a credit default swap deal.

VCG, formerly CDO Plus Master Fund Ltd., had accused Wachovia of reneging on a CDS deal they struck in May 2007. Wachovia had paid regular premiums to VCG under the deal, while the hedge fund assumed the risks of a $10 million collateralized debt...
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.