Richards Kibbe & Orbe partner Julia Lu was quoted by multiple sources regarding the Caesars swaps case.
On February 9, an external review panel appointed by the International Swaps and Derivatives Association (ISDA) unanimously ruled that December credit default swaps tied to Caesars Entertainment were not triggered by a disputed bond payment that same month. Click here to read the decision.
"I think it's good for the market to have this external review process tested," Ms. Lu told the International Financing Review. "The CDS market cannot read the indenture differently than the bond market…You can't read the section to say that you have to have paid both in order to have been deemed to have paid either. That doesn't make sense," she said in Law360.