Monoline sues IKB and Calyon
Monoline insurer FGIC is suing IKB Deutsche Industriebank for fraud, claiming the German bank misrepresented its financial strength. FGIC provided a credit guarantee to a vehicle called Havenrock II, which was designed to give liquidity to IKB’s conduit, Rhineland Funding. The insurer is also suing Calyon. Read EuroWeek on Friday for the full details.
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