- A $50 million hedge fund sued (separately) Wachovia and Citibank, alleging that the banks demanded excessive collateral in connection with credit default swaps based on collateralized debt obligations.
- In the Wachovia matter, the fund relied on the confirmation letter for its claim that the bank did not have the right to demand as much collateral as it did, while Wachovia relied on the ISDA Credit Support Annex in support of its right to demand the collateral.
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