• New York Court Holds a Non-Defaulting Party Liable for Failing to Act in "Good Faith" in Obtaining Market Quotations
  • September 15, 2005 | Authors: James M. Cain; Warren N. Davis; Tess K. Weil
  • Law Firms: Sutherland Asbill & Brennan LLP - Washington Office; Sutherland Asbill & Brennan LLP - New York Office
  • On July 6, 2005, Judge Ira Gammerman of the Supreme Court of the State of New York, County of New York, held in The High Risk Opportunities HUB Fund Ltd. ("High Risk") v. Credit Lyonnais that Credit Lyonnais failed to act in good faith in obtaining market quotations because it interfered with market-makers' independence in valuing certain non-deliverable forward contracts ("NDFs") for purposes of determining the settlement amount upon an early termination.