Citibank Pushes 2nd Circ. To Uphold $268M Win In CDS Suit

Law360, New York (August 21, 2012, 7:28 PM EDT) -- Citibank NA on Tuesday urged the Second Circuit to uphold its $268 million win against Morgan Stanley & Co. in a complicated contract suit over a credit default swap, saying the deal was unambiguous.

A lawyer for Citibank said a Manhattan federal court judge properly found that the terms of the complex swap, which was triggered during the economic crisis, could be decided without a jury in Citibank's favor.

The CDS, linked to a collateralized debt obligation created with $366 million of Citibank's money, required Citibank...
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.