Merrill Lynch sues division of SCA

03/20/2008 | Wall Street Journal, The · Financial Times (free content)

Merrill Lynch is suing XL Capital, a division of Security Capital Assurance, alleging the bond insurer terminated derivatives contracts worth up to $3.1 billion "without any basis." Merrill Lynch shares dropped 11% amid worry that the firm's exposure to collateralized debt obligations may force further write-downs.

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Wall Street Journal, The · Financial Times (free content)

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