MERRILL LYNCH INTERN. v. XL CAPITAL ASSUR. INC.

No. 08 Civ. 2893(JSR).

564 F.Supp.2d 298 (2008)

MERRILL LYNCH INTERNATIONAL, Plaintiff-Counterclaim-Defendant, Merrill Lynch & Co., Counterclaim Defendant, v. XL CAPITAL ASSURANCE INC., XLCA Admin LLC, Defendants-Counterclaimants.

United States District Court, S.D. New York.

July 15, 2008.


Attorney(s) appearing for the Case

Jay B. Kasner, Scott D. Musoff, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, for Plaintiff-Counterclaim-Defendant/Counterclaim Defendant.

Brendan Nicholas Snodgrass, Jonathan Pickhardt, Peter E. Calamari, Quinn Emanuel Urquhart Olive & Hedges, LLP, New York, NY, for Defendants-Counterclaimants.


OPINION AND ORDER

JED S. RAKOFF, District Judge.

Plaintiff Merrill Lynch International ("MLI") seeks declarations from this Court that defendant XL Capital Assurance Inc. ("XLCA"), a bond insurer, remains bound by seven credit default swaps — worth, in the aggregate, roughly $3.1 billion — into which the parties entered last year. The subject of these swaps are seven collateralized debt obligations ("CDOs"), a type of structured credit...

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