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...
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