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On Friday, Citigroup Inc. (NYSE: C) filed suit in U.S. District Court in Manhattan against rival Morgan Stanley (NYSE: MS) for allegedly breaching a credit-default swap agreement. The suit seeks unspecified damages.
The complaint alleges that Morgan Stanley, which recently announced that its CEO will step down, failed to live up to its obligations regarding the 2006 agreement. Citigroup's Citibank unit says it entered into CDS with Morgan Stanley to protect the bank against losses from a revolving credit line that it entered into with a collateralized debt obligation known as Capmark VI. The CDO was scheduled to mature in 2038, but its performance declined substantially after July 2006 as a result of the global financial crisis.
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