MANHATTAN (CN) - A federal judge agreed with Merrill Lynch International's claim that XL Capital Assurance, a bond insurer, remains bound by seven credit default swaps worth a total of more than $3 billion. The claim involves collateralized debt obligations backed by residential mortgages, issued last year, which XL wants to duck because Merrill Lynch made subsequent deals with another bond insurer. U.S. District Judge Jed Rakoff didn't buy that argument.
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