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    Lehman bankruptcy court holds ISDA swap counterparty in violation of automatic stay/counterparty seeks modification
    2009-09-29

    In a recent ruling from the bench, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York held that Metavante Corporation’s suspension of payments under an outstanding swap agreement with Lehman Brothers Special Financing Inc.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Condition precedent, Debtor, Safe harbor (law), Swap (finance), Default (finance), Systemic risk, Title 11 of the US Code, International Swaps and Derivatives Association, Lehman Brothers, United States bankruptcy court
    Authors:
    Mark C. Ellenberg , Leslie W. Chervokas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Litigation challenges counterparty right to withhold payments under Section 2(a)(iii) of ISDA Master Agreement as violation of automatic stay provisions of US Bankruptcy Code
    2009-08-11

    In a recently filed motion in the United States Bankruptcy Court Southern District of New York (the “Motion”), Lehman Brothers Holdings Inc. (“LBHI”) is seeking to compel Metavante Corporation (“Metavante”) to perform its obligations under a swap agreement between Metavante and Lehman Brothers Special Financing Inc.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Condition precedent, Libor, Debtor, Safe harbor (law), Interest, Swap (finance), Liquidation, Default (finance), Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Fourth Circuit examines swap agreements subject to Bankruptcy Code safe harbors
    2009-06-24

    In Hutson v. E.I. du Pont de Nemours & Co.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Fraud, Natural gas, Safe harbor (law), Swap (finance), Commodity, Maturity (finance), Systemic risk, Title 11 of the US Code, DuPont, United States bankruptcy court, Fourth Circuit, Trustee
    Authors:
    Mark C. Ellenberg , Leslie W. Chervokas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit’s Lehman Flip Clause Decision Continues the Expansion of the Bankruptcy Code Safe Harbors
    2020-09-02

    On August 11, 2020, the United States Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman Brothers Special Financing Inc.’s (“LBSF”) attempt to recover nearly $1 billion in payments to noteholders and enforcing certain Priority Provisions (defined below) that subordinated payments otherwise payable to LBSF under related swap transactions.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Title 11 of the US Code
    Authors:
    Eric Waxman , Michele C. Maman , Casey Servais , Ingrid Bagby
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    CFTC Proposes "Comprehensive Update" to Bankruptcy Regulations
    2020-04-15

    The CFTC proposed amendments intended to "comprehensively update" its bankruptcy regulations (Part 190 of the CFTC regulations) to "reflect current market practices and lessons learned."

    In the proposal, the CFTC provided:

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Commodity Futures Trading Commission (USA)
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    NERA Economic Consulting Analyzes Allegations of Manufactured Defaults
    2019-12-17

    The National Economic Research Associates ("NERA"), an economic consulting firm, demonstrated in a recent article how economic analysis can be used to assess allegations related to credit default swaps ("CDS") and the creditworthiness of a company.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Credit default swap
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    New law on capital markets and organised commodities markets adopted: part 2
    2020-07-07

    On 19 June 2020, the Ukrainian Parliament adopted law (draft law No. 2284) aimed at introducing sweeping new changes to regulation of financial instruments (the Law). The Law has also paved the way for a wide range of new financial instruments such as derivatives, green bonds, loan notes, and other structured finance products.

    Filed under:
    Ukraine, Derivatives, Insolvency & Restructuring, Litigation, DLA Piper
    Authors:
    Oleksandr Kurdydyk , Dmytro Pshenychniuk
    Location:
    Ukraine
    Firm:
    DLA Piper
    New law on capital markets and organised commodities markets adopted: Part 2
    2020-07-06

    On 19 June 2020, the Ukrainian Parliament adopted law (draft law No. 2284) aimed at introducing sweeping new changes to regulation of financial instruments (the Law). The Law has also paved the way for a wide range of new financial instruments such as derivatives, green bonds, loan notes, and other structured finance products.

    Filed under:
    Ukraine, Derivatives, Insolvency & Restructuring, DLA Piper
    Authors:
    Oleksandr Kurdydyk , Dmytro Pshenychniuk
    Location:
    Ukraine
    Firm:
    DLA Piper
    ISDA 2018 US Resolution Stay Protocol
    2019-05-09

    On July 31, 2018 the International Swaps and Derivatives Association published the ISDA 2018 US Resolution Stay Protocol (the US Protocol). The US Protocol is intended to enable parties to ISDA Master Agreements and similar Protocol Covered Agreements (PCAs) to contractually recognize the cross-border application of special resolution regimes applicable to global systemically important entities and their affiliates.

    In this article, we provide a broad overview of the US Protocol and relevant resolution stay rules, then describe the effect and operation of the US Protocol.

    Filed under:
    USA, Banking, Derivatives, Insolvency & Restructuring, DLA Piper, Federal Deposit Insurance Act 1950 (USA), International Swaps and Derivatives Association, Securities Investor Protection Corporation
    Location:
    USA
    Firm:
    DLA Piper
    ISDA 2018 US Resolution Stay Protocol - key questions and answers
    2018-09-25

    On July 31, 2018, the International Swaps and Derivatives Association published the ISDA 2018 US Resolution Stay Protocol. The US Protocol is intended to enable parties to ISDA Master Agreements and similar "Protocol Covered Agreements" (collectively, PCAs) to contractually recognize the cross-border application of special resolution regimes applicable to global systemically important entities and their affiliates.

    In this alert, we provide a broad overview of the US Protocol and relevant resolution stay rules, then describe the effect and operation of the US Protocol.

    Filed under:
    USA, Banking, Derivatives, Insolvency & Restructuring, DLA Piper, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), International Swaps and Derivatives Association
    Authors:
    Marc A. Horwitz
    Location:
    USA
    Firm:
    DLA Piper

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