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

Court:
U.S. District Court
(S.D.N.Y.)

Amicus Brief 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
51 West 52nd Street
New York, NY 10019

Steven J. Fink

Orrick, Herrington & Sutcliffe LLP
The Orrick Building
405 Howard Street
San Francisco, CA 94105

Thomas C. Mitchell