SIFMA has submitted an Amicus “Friend of the Court” Brief.

Court:

U.S. Bankruptcy Court
(S.D.N.Y.)

Amicus Issue:

Whether “flip clauses” – which subordinate amounts payable to Lehman (in favor of collateralized debt obligation (CDO) noteholders) on the termination of credit default swaps backing synthetic CDOs – are enforceable, or whether such clauses are barred by the ipso facto doctrine of bankruptcy law.

Counsel of Record:

Orrick, Herrington & Sutcliffe LLP

Steven J. Fink
Thomas C. Mitchell

Other Amici:

International Swaps and Derivatives Association