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Litigating The Terms Of Credit Default Swaps

Law360 (November 6, 2008, 12:00 AM EST) -- Credit Default Swaps ("CDS's") are getting new attention as governments, institutions and personal investors endeavor to navigate the first great financial storm of this century.

While business and legal commentators predict that CDS's and other financial derivatives will create a new wave of litigation, the dearth of reported decisions addressing CDS's means that there will be little judicial guidance in the short term.

One of the earliest cases to litigate the terms of a CDS was Aon Financial vs. Societe General, 476 F.3d 90 (2d Cir....
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