In one of the first cases involving the repudiation of a derivatives contract, the U.S. District Court in Chicago has awarded more than $3 million in damages to a French bank spurned in a "swaption" deal.

The decision in the case of Caisse Nationale de Credit Agricole against CBI Industries Inc. is seen by some derivatives lawyers as having a calming effect on a market racked by turmoil in the past year.

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