SCA loses $3.1bn credit default swap dispute with Merrill Lynch
Beleagured monoline insurer Security Capital Assurance has received another blow when it lost its case against Merrill Lynch over a $3.1bn dispute over credit default swaps.
Merrill had alleged that XL Capital Assurance Inc, a unit of SCA, had improperly issued notices that terminating the credit default swaps “without any basis and under a pretext based of rank
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