The Court ruled that (i) a seller at auction cannot withdraw a loan after it has accepted a winning bid for that loan, and (ii) an oral loan trade is enforceable so long as it identifies the material terms of the trade even if it is subject to documentation. The LSTA filed this amicus brief in this case (which Court cited favorably during oral arguments) because an adverse decision could have had serious negative ramifications for the viability of the loan trading market.  An adverse decision could have led to a significant disruption of the liquid loan trading market.


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