Merrill Lynch Files Suit Against Security Capital’s XL
Merrill Lynch & Co In said Wednesday that it filed a lawsuit against XL Capital Assurance Inc.
Merrill said it filed the suit to make clear that XL Capital Assurance, a unit of Security Capital Assurance Ltd , is required to meet its contractual obligations for credit default swaps.
The brokerage is seeking a court order that each of the credit default swaps remains in full force and effect.
(Reporting by Chris Reiter, editing by Gerald E. McCormick/Andre Grenon)
Popular Today
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- ‘Fearless Girl’ Lawsuit by State Street Settles on Eve of Trial
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
Popular This Month
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes