{"id":4591,"date":"2008-04-01T19:44:43","date_gmt":"2008-04-01T19:44:43","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/04\/merrill_lynch_sues_insurer_for_1"},"modified":"2021-09-20T15:42:27","modified_gmt":"2021-09-20T20:42:27","slug":"merrill-lynch-sues-insurer-for-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-sues-insurer-for-1\/","title":{"rendered":"Merrill Lynch Sues Insurer for Failing to Honor Claims Opening Door to Mysterious “Swaps” Market"},"content":{"rendered":"

\t\t\t\tMerrill Lynch & Co. has publicly opened the door to what many believe could be an even larger problem to the credit markets than the widely publicized sub-prime mortgage debacle – the little understood and sledom discussed “swaps” market. <\/p>\n

Perhaps the world’s most high-profile financial firm, Merrill – itself a frequent complainer about lawsuits \u2013 has filed a monster of a suit in a New York court against bond insurer Security Capital Assurance Ltd. (SCA). Merrill Lynch sued the insurer alleging it failed to honor seven contracts promising to cover losses on $3.1 billion in “credit swaps,” after which SCA filed a countersuit against Merrill for $28 million. . <\/p>\n

Merrill claims SCA walked away from signed insurance contracts guaranteeing Merrill against losses. SCA counterclaims that Merrill broke a stipulation in one of the contracts which entitles SCA to terminate all the agreements and collect damages. (Perhaps Merrill is getting a taste of what many us have experienced: an insurance company happy to collect premiums but which later relies on a technicality to avoid payment.) <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Merrill Lynch & Co. has publicly opened the door to what many believe could be an even larger problem to the credit markets than the widely publicized sub-prime mortgage debacle – the little understood and sledom discussed “swaps” market. Perhaps the world’s most high-profile financial firm, Merrill – itself a frequent complainer about lawsuits \u2013 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3800,3864],"tags":[],"class_list":["post-4591","post","type-post","status-publish","format-standard","hentry","category-merrill-lynch","category-subprime-mortgage"],"yoast_head":"\nMerrill Lynch Sues Insurer for Failing to Honor Claims Opening Door to Mysterious "Swaps" Market — Investor Lawyers Blog — April 1, 2008<\/title>\n<meta name=\"description\" content=\"Merrill Lynch & Co. has publicly opened the door to what many believe could be an even larger problem to the credit markets than the widely publicized — April 1, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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