JP Morgan in breach of contract in Asian deal

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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