Wachovia fails to vanquish CDO court case, says Bloomberg

Bloomberg reports that a New York court has ruled against Wachovia in a dispute about margin for a $10 million credit default swap on a CDO. The bank, now owned by Wells Fargo, had asked the court to dismiss the case brought by VCG Special Opportunities Master Fund which was previously known as the CDO Plus Master Fund and is managed by Florida-based Vanquish Capital Group. According to Bloomberg, the court has declined to dismiss the case, but has not ruled on the merits of VCG’s case.

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