JP Morgan Sues SK Securities Over Swaps Payment Dispute

- By Risk Staff
- 23 Feb 1998

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NEW YORK--JP Morgan has filed a $300 million law suit in New York against two South Korean financial institutions, SK Securities and the Housing & Commercial Bank. The dispute involves payments on cross-currency swaps that JP Morgan transacted with SK Securities. Industry observers say the case highlights the legal risks involved in trading OTC derivatives in emerging markets.

JP Morgan's lawyers say they stand to make $300 million profit on the swap deals, as a result of the recent devaluation

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