Court:

U.S. District 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

Thomas C. Mitchell
Shaila R. Diwan

Law Office of Steven J. Fink PLLC
Steven J. Fink

Other Amici:

International Swaps and Derivatives Association