First Tennessee Bank Skirts Interest Rate Swap Suit

Law360, New York (November 7, 2012, 6:57 PM EST) -- A Louisiana federal judge on Wednesday ruled in favor of First Tennessee Bank NA in a suit brought by real estate developers after they suffered losses arising from swap agreements following an unexpected increase in interest rates on certain bonds.

AGEM Management Services LLC, Bruno Wink LLC and Tangi East LLC had signed interest rate swap agreements, under which they received a floating rate of interest, with the bank for bonds they issued in 2008 for commercial real estate projects. But when Whitney Bank, which issued...
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