Banco Espírito Santo, S.A. v. Concessionária Do Rodoanel Oeste S.A.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Renwick, J.
Plaintiffs, multinational financial institutions and “hedge providers,” commenced this breach of contract action when defendant decided to pay off $895 million in loans before their maturity, concomitantly triggering its right to prematurely terminate the interest rate swaps it had entered into with plaintiffs. An interest rate swap is a liquid financial derivative instrument in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate or vice versa. The central dispute in this appeal…
2Cases cited21 opinions
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- Vermont Teddy Bear Co. v. 538 Madison Realty Co.New York Court of Appeals · 2004
- Kass v. KassNew York Court of Appeals · 1998
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