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Employee Retirement Income Security Act of 1974: Difference between revisions
Employee Retirement Income Security Act of 1974 (view source)
Revision as of 10:12, 24 September 2016
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==={{tag|Netting}}=== | ==={{tag|Netting}}=== | ||
Famously, ERISA plans tend to be set '''not''' to [[Netting|net]], and for the unholiest of reasons, courtesy of the phantasmagorical imagination of some wise counsel at Cadwalader, upon whom the whole market relies. | Famously, ERISA plans tend to be set '''not''' to [[Netting|net]], and for the unholiest of reasons, courtesy of the phantasmagorical imagination of some wise [[mediocre lawyer|counsel]] at Cadwalader, upon whom the whole market relies. | ||
This gentleman’s opinion is predicated on the risk that a court would interpret the {{tag|ERISA}} act as requiring the US Bankruptcy Code ''as it stood in 1971'' to be applied to the insolvency of an {{tag|ERISA}} plan, rather than as it stands at the time of insolvency. The reason that’s a problem is that the “safe harbors” for {{tag|derivative}} closeout in the {{tag|Bankruptcy Code}} were only enacted in the 1980s. | This gentleman’s opinion is predicated on the risk that a court would interpret the {{tag|ERISA}} act as requiring the US Bankruptcy Code ''as it stood in 1971'' to be applied to the insolvency of an {{tag|ERISA}} plan, rather than as it stands at the time of insolvency. The reason that’s a problem is that the “safe harbors” for {{tag|derivative}} closeout in the {{tag|Bankruptcy Code}} were only enacted in the 1980s. | ||