February 9, 2018 - This morning, the Court of Appeals for the DC Circuit ruled in favor of the LSTA in its lawsuit against the SEC and the Federal Reserve Board, concluding that managers of collateralized loan obligations (CLOs) are not subject to the credit risk retention rules mandated under the Dodd-Frank Act.
This ruling concludes years of work and a very substantial investment of resources by the LSTA, which initially filed its lawsuit in October 2014. After losing the first round of the case in the Federal District Court, the LSTA appealed to the DC Court of Appeals.
Richard Klingler, Peter Keisler and Jennie Clark of Sidley Austin represented the LSTA in this litigation.
The court’s opinion is available by clicking here and a press release distributed by the LSTA is available by clicking here. The LSTA expects to distribute an analysis of the decision in the near future and will be hosting a webinar at 11AM on Monday, February 12, 2018 to summarize the court’s decision and discuss the immediate implications of the decision as well as next steps. LSTA’s General Counsel Elliot Ganz and EVP Meredith Coffey will be joined by Richard Klingler and Peter Keisler of Sidley.