RK&O represented three ISDA members as Amici in a landmark credit default swaps (CDS) case before the External Review Panel of the Credit Derivatives Determinations Committee. The group filed a brief in support of the “Yes” position regarding the inclusion of certain loans as “Consent Required Loan” in the Sears Roebuck Acceptance Corp. CDS auction that is expected to take place in January. The External Review Panel unanimously supported the broader interpretation of the “Consent Required Loan” definition, a move that will likely encourage participation and liquidity in the CDS markets.
The RK&O team included Julia Lu, Richard Lee and Margaret Meyers in New York and David W.T. Daniels in Washington, D.C.