In a case arising from a series of complex derivative contracts, the plaintiff alleged that it did not receive fair market pricing on the swaps. Retained by Clifford Chance Defense counsel for Rice Financial Products Company (Rice) retained Cornerstone Research and Professor René Stulz of The Ohio State University in a case arising from a series of complex derivative contracts. The plaintiff, West Basin Municipal Water District (West Basin), had entered into a series of leveraged municipal interest rate swap contracts with Rice. The swap contracts were based on the Bond Market Association Municipal Swap Index and LIBOR rates, and contained leverage and spread features that complicated their structure. West Basin alleged that it did not receive fair market pricing on the swaps. Professor St

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