Law360, New York (May 9, 2013, 1:26 PM EDT) -- A case that seems to have gone relatively unnoticed is ASR Levensverzekering NV v. Swiss Re Financial Products Corp., which involved a synthetic collateralized debt obligation transaction known as "Breithorn." Dismissed by the Appellate Division of the Supreme Court of the State of New York, the case provides useful insights into the application of New York fraud and contract law in the context of complex financial transactions.
The plaintiffs (collectively, "ASR") were affiliated Dutch insurance companies that purchased €62,500,000 (par value) of the Class B Breithorn notes. Defendant Swiss Re Financial Products Corporation was the arranger of the transaction....
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