Swiss Re, BNY Mellon Beat Dutch Insurer’s $86M CDO Suit

Law360, New York (October 18, 2011, 4:08 PM EDT) -- A New York state judge on Monday tossed a Dutch insurer's allegations that it lost €62.5 million ($85.9 million) when a complex debt deal collapsed because of the actions of Swiss Re Financial Products Corp. and Bank of New York Mellon Corp.

Judge Barbara Kapnick ruled that the agreement governing the underlying credit-default swaps doesn't allow the insurer, ASR Nederland NV, to sue either Swiss Re, which sold the synthetic credit-default obligation at issue, or BNY Mellon, which acted as trustee on the related notes, as...
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