Merrill Scores $3.1B Win Over Credit Default Swaps

Law360, New York (June 11, 2008, 12:00 AM EDT) -- A $3 billion spat over credit default swaps ended in victory Wednesday for Merrill Lynch & Co., after a federal judge granted the bank's motion to dismiss a case filed against the bank by a unit of bond insurance firm Security Capital Assurance.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York tossed the claims filed by SCA subsidiary XL Capital Assurance Inc. and granted Merrill's motion for summary judgment on its claims against XL Capital.

Judge Rakoff ruled...
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