JP Morgan in breach of contract in Asian deal

New angles

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: