Contract – Rescission. Leipzig municipal water company (KWL) sold credit protection to the investment bank (UBS) and to two other banks (LBBW and Depfa) on four portfolios of investment grade bonds and other securities. It did so by means of a series of derivative products known as single tranche collateralised debt obligations (STCDOs). Defaults occurred following the global financial crisis of 2008-9, and UBS, LBBW and Depfa sought payment of sums due under the STCDOs. The Commercial Court made rulings concerning, among other things, the availability of rescission to the parties.