Corporate Restructuring & Bankruptcy

Doubt cast on enforceability of credit-default swaps

The 'independence principle' at issue also could undermine letters of credit.

, The National Law Journal

The recent 7th Circuit ruling affirmed a decision by the Southern District of Indiana, applying New York law, to enjoin payment under a credit-default swap. If extended, the precedent may become a tool for nonparties to stay payment under credit-default swaps or letters of credit until related contract disputes are resolved.

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