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.