US court overturns SG ruling

The US Second Circuit Court of Appeals has overturned a ruling that forced Societe Generale to pay out on a contentious credit default swap (CDS) contract.

The CDS contract, which was referenced to the Republic of the Philippines, was purchased by Chicago-based Aon Financial in 1999. It was thought to be a hedge against protection on a loan guaranteed by a Philippine public body, which Aon Financial sold to Bear Stearns International.

The two contracts did not reference one another, but the US

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