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12:00 PM |
Discussion on Recent U.S. and International Litigation in the OTC
Derivatives Market
A distinguished panel of litigators and senior practitioners
will discuss a number of recent lawsuits in the OTC derivatives market,
including cases addressing aspects of the Equity Derivatives Definitions
and the ISDA Credit Derivatives Definitions. Panelists will present
brief summaries of the arguments made in the cases and focus on the
judgments issued. Potential concerns arising from these cases will
also be discussed. Given that this Symposium is intended for senior
legal practitioners, the audience will be encouraged to engage in
the discussion. The
following cases will be discussed:
• Equity Swaps and beneficial ownership:
CSX Corporation v The Children’s Investment Fund
Management
• Application of the Mobile-Sierra doctrine
to long-term contracts for wholesale electric power sales:
Morgan Stanley Capital Group, Inc. v Public Utility
District No. 1 of Snohomish County,
Washington
• Application of Bankruptcy Code “safe
harbor” provisions to physically settled transactions: Natural
Gas Distributors, LLC v The Smithfield Packing Company
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Interpretation of Credit Default Swap Mechanics and Operations:
Aon Financial Products and Aon
Corporation v Societe Generale
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“Good Faith Standard” for Prime Brokers when dealing
with fraudulent clients: Bear Stearns v Gredd
•
Interpretation of “security-based swap agreement” and
SEC jurisdiction over swaps: SEC v Langford
Welcoming
Remarks: Katherine Darras, General Counsel, Americas, ISDA
Moderator: Joshua Cohn, Partner,
Allen & Overy
Michael Dayan, Partner, Cleary Gottlieb Steen & Hamilton LLP
Emil A. Kleinhaus, Wachtell, Lipton, Rosen & Katz
Lary Stromfeld, Partner, Cadwalader, Wickersham
& Taft LLP
Michael A. Yuffee, McDermott Will & Emery LLP
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