Deutsche Bank and UBS settle wrong-name dispute over default swap
LONDON -- Deutsche Bank agreed in March to pay out on a $10 million credit default swap with Union Bank of Switzerland (UBS), ending a dispute between the two banks caused by the misnaming of a company in the contract documents.
The over-the-counter default swap, which was agreed between the two banks in April 2000, was intended by UBS as an insurance against default in respect of its investment in bonds issued by Armstrong World Industries, a US-based ceiling and floor manufacturer. In December
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