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Portuguese Supreme Court rules against the characterisation of speculative interest rate swap agreements as illegal gambling

10 de marzo, 2015



The ruling concerns an agreement executed in 2008 between a Portuguese bank and a Portuguese limited liability company engaged in construction and real estate development (hereinafter, the "Company"), pursuant to which the Company swapped a variable 3-month Euribor rate for a fixed rate over a notional amount of approximately 5,5 million euros for a term of five years. In the course of the performance of the agreement, the Company allegedly suffered losses in excess of EUR 320,000...

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