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Lingerie maker sues after losing its shirt on a CDO

Friday, July 30, 2010

Reuters and De Tijd report that Belgian lingerie producer Van de Velde is suing KBC in the Belgian courts over a CDO it bought from the bank.

Van de Velde has written off its €3.45 million investment in the unnamed CDO. However, the deal in question is most likely one of the synthetic CDOs originated and managed by KBC Financial Products. The deals were unusual in that they allowed the bank to pursue a broad range of trading strategies within the portfolio.


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