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Fourth Circuit examines swap agreements subject to Bankruptcy Code safe harbors
  • Cadwalader Wickersham & Taft LLP
  • USA
  • June 24 2009

In Hutson v. E.I. du Pont de Nemours & Co. (In re National Gas Distributors, LLC), the United States Court of Appeals for the Fourth Circuit interpreted the definition of “swap agreement” under the Bankruptcy Code

Lehman bankruptcy court holds ISDA swap counterparty in violation of automatic staycounterparty seeks modification
  • Cadwalader Wickersham & Taft LLP
  • USA
  • September 29 2009

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. (“LBSF”) was not safe harbored, and instead violated the automatic stay of section 362(a) of the Bankruptcy Code