NY Appeals Court Nixes $895M Sao Paulo Road Swaps Suit

Law360, New York (September 18, 2012, 5:51 PM EDT) -- A New York state appeals court on Tuesday reversed a lower court's order and dismissed a lawsuit demanding that a Brazilian infrastructure operator pay three European banks $29 million from interest-rate swaps tied to an $895 million Sao Paolo road upgrade.

In a dispute over whether Concessionaria do Rodoanel Oeste SA owed a so-called closeout fee as a result of paying off senior loans related to the road upgrade before they reached maturity, the banks had argued that the different punctuation of the term “closeout amount”...
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