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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