SFIG Files Amicus Brief Regarding Lehman Brothers Special Financing v. Bank of America Et Al

On December 21st, SFIG submitted an amicus brief, kindly drafted by Freshfields Bruckhaus Deringer US LLP, to the United States Bankruptcy Court in the Southern District of New York regarding the adversary proceeding Lehman Brothers Special Financing Inc. v. Bank of America National Association et al.

The case is important in that a decision favorable to Lehman may call into question the scope of the "safe harbor" provisions of the Bankruptcy Code applicable to swaps and other "protected contracts", contrary to most market participants' expectations.

SFIG’s amicus brief supported the Noteholder Defendants’ motion to dismiss the Lehman Brothers complaint. SFIG’s motivation in filing the amicus brief was driven in large part to avoid the market uncertainty that would likely result from a ruling favorable to Lehman Brothers.

If you are interested in joining SFIG’s Legal Counsel Committee, please contact Alyssa.Acevedo@sfindustry.org.

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