Swap parties may be able to streamline litigation when payments are missed *

USA - May 23 2012
In an important decision that could allow participants in the swap market to more quickly enforce a counterparty’s payment obligations, Justice Bernard J. Fried of the Supreme Court for New York County has held for the first time that liability for a payment default under an ISDA-based swap agreement can be decided on an expedited basis using a New York procedural mechanism known as a motion for summary judgment in lieu of a complaint.