Merrill Lynch sues insurer over credit default swaps

LOSSES & LAWSUITS

NEW YORK - US investment bank Merrill Lynch is suing bond insurer Security Capital Assurance (SCA), alleging the firm is avoiding financial obligations worth up to $3.1 billion regarding seven credit default swaps. SCA has already said it will write no new business while it tries to raise new capital to address other potentially large losses.

The firm admitted a $1.197 billion fourth-quarter loss and has said it will try to terminate existing contracts to minimise further losses.

  • LinkedIn  
  • Save this article
  • Print this page  

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.

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: