A US federal court last month found JP Morgan Chase in breach of contract for failing to unwind a total-return swap position for its client, Korea Life Insurance (KLI), during the Asian crisis of 1997. KLI, South Korea’s third-largest life insurer, says it lost about $90 million on the overall deal.
Following years of legal wrangling, Alvin Hellerstein, a judge in the US District Court for the Southern District of New York, decided in favour of KLI and will award an amount to be determined la
The week on Risk.net, July 14–20, 2017Receive this by email
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