BDC Finance L.L.C. v. Barclays Bank PLC

OPINION OF THE COURT

Pigott, J.

This appeal arises out of a contract dispute between Bar-clays Bank PLC, a major global bank based in the United Kingdom, and BDC Finance L.L.C., a Connecticut-based hedge fund. We hold that material issues of fact exist as to whether Barclays defaulted under the parties’ contract, and thus conclude that neither party is entitled to summary judgment.

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In May 2005, the parties entered into a series of transactions known as “total return swaps,” whereby BDC agreed to make payments to Barclays based on a financing rate, while Bar-clays agreed to make payments based…