The 4th Circ. Reversal On Swap Agreements

Law360, New York (February 23, 2009, 12:00 AM EST) -- The Fourth Circuit’s reversal of the bankruptcy court’s narrow reading of swap agreement clarifies the nature of agreements entitled to broad protections under the Bankruptcy Code, but until the decision is fully implemented on remand, swap participants will bear increased risk in hedging transactions.

On Feb. 11, 2009, the U.S. Court of Appeals for the Fourth Circuit, in Richard M. Hutson, II, Trustee for National Gas Distributors LLC v. E.I. du Pont de Nemours and Co. Inc., Smithfield Packing Co. Inc., f/k/a Stadlers Country Hams Inc....
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