Morgan Stanley Ducks Developer's Suit Over £97M Swap

Law360, London (March 20, 2020, 6:30 PM GMT) -- A British judge on Friday tossed a lawsuit against Morgan Stanley over breakage fees charged to a defunct property developer to refinance valuable waterfront property, saying it was “fanciful” to think a £96.5 million ($110 million) interest rate swap was unconnected to the loan.

High Court Judge Jonathan Klein dismissed a lawsuit brought by LIT Securities Ltd. seeking damages after Morgan Stanley's loan repayment demands and breakage costs connected to an interest rate swap allegedly forced a developer into administration.

The judge ruled Friday that it did not matter that the swap, meant to hedge the risk that Morgan Stanley’s money wouldn't...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!