XL Capital Assurance files countersuit in Merrill CDS case
Security Capital Assurance (SCA) has announced today that its financial guarantee subsidiary XL Capital Assurance (XLCA) has filed its answer and counterclaims in the United States District Court for the Southern District of New York against Merrill Lynch International and Merrill Lynch, in response to Merrill Lynch International's March 2008 lawsuit.
In its filing, XLCA disputes the legal claims filed by Merrill Lynch International and defends the terminations of the seven credit default swaps (CDS) entered into between XLCA and Merrill Lynch
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