Merrill Lynch is fighting a lawsuit against creditors of insolvent TXU Europe, a former European business of US power group TXU, which alleges breach of contract over a £20m (€15.8m) swap agreement that the US investment bank provided and guaranteed.

Ernst & Young and KPMG, joint administrators of the company, filed the suit in the New York County Supreme Court on behalf of TXU Europe creditors alleging Merrill Lynch owes the money under the swap agreement.

Duncan Kerr

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Merrill Lynch battles swap lawsuit

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