DKR SOUNDSHORE OASIS HOLDING FUND LTD. v. MERRILL LYNCH INTERNATIONAL

3818, 650327/09, 3818A.

80 A.D.3d 448 (2011)

914 N.Y.S.2d 145

DKR SOUNDSHORE OASIS HOLDING FUND LTD., Appellant, v. MERRILL LYNCH INTERNATIONAL et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided January 6, 2011.


This appeal calls for an examination of the sufficiency of a notice issued pursuant to a credit default swap (CDS) derivative transaction. In a CDS a buyer makes periodic payments to a seller in exchange for the seller's credit protection in connection with the obligation of a third party. In the subject transaction, plaintiff DKR Soundshore Oasis Holding Fund Ltd. (Oasis) was the buyer and defendant Merrill Lynch International (Merrill International) the seller of credit...

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