ISDA, the Futures Industry Association (FIA), the Securities Industry and Financial Markets Association (SIFMA), and the Managed Funds Association (MFA) submitted an amicus letter in the U.S. District Court in the Southern District of New York. ISDA and FIA previously submitted an amicus brief in Kahle v. Cargill, Inc., urging the court to grant defendants’ motion to dismiss the complaint, arguing that the swap agreement safe harbor at issue (11 U.S.C. § 546(g)) preempts state-law fraudulent-conveyance claims brought by plaintiff, an assignee in state insolvency proceedings. The court denied the motion to dismiss, holding that the swap agreement safe harbor applies only to trustees in federal bankruptcies, and not assignees in state insolvency proceedings. The amicus letter urges the court to grant defendant’s petition for interlocutory review to the Second Circuit Court of Appeals.
Documents (1) for Kahle v. Cargill Amicus Letter
Latest
Response on Commodity Derivatives Markets
On April 22, ISDA and FIA submitted a joint response to the European Commission’s (EC) consultation on the functioning of commodity derivatives markets and certain aspects relating to spot energy markets. In addition to questions on position management, reporting and...
Episode 50: The Value of Derivatives
A new report from ISDA shows that companies all over the world use derivatives to alleviate uncertainty, transfer risk and enhance profitability. ISDA discusses the findings with Boston Consulting Group’s Roy Choudhury. Please view this page via Chrome to access...
ISDA/IIF Response to EC Market Risk Consultation
On February 22, ISDA and the Institute of International Finance (IIF) submitted a joint response to the European Commission’s (EC) consultation on the application of the market risk prudential framework. The associations believe the capital framework should be risk-appropriate and...
ISDA Submits Letter on Environmental Credits
On April 15, ISDA submitted a response to the Financial Accounting Standards Board’s (FASB) consultation on environmental credits and environmental credit obligations. The response supports the FASB’s overall proposals to establish clear and consistent accounting guidance for environmental credits, but...