Template:Erisa netting: Difference between revisions

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===={{tag|ERISA netting}}====
===={{tag|ERISA 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 [[mediocre lawyer|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 a [[U.S. law firm]] which prudence counsels it would be wiser not to name<ref>Definitely not Cadwalader, obviously.</ref>, 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 harbor]]s” for closing out swaps in the [[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 harbor]]s” for closing out swaps in the [[Bankruptcy Code]] were only enacted in the 1980s.

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