September 8, 2022 - The 2nd Circuit Court of Appeals just issued its opinion in the Revlon mistaken payment case, vacating the District Court’s decision that allowed the recipients of Citibank’s mistaken payment to keep the money.  Briefly, the 2nd Circuit ruled that “Because the Defendants had notice of the mistake and because the lenders were not entitled to repayment at the time, the rule of Banque Worms does not protect the Defendants. The judgment is VACATED and the case is REMANDED to the district court.”  The LSTA submitted an amicus brief in that case supporting the position taken by the appellate court.  We will do a deep dive shortly into the court’s decision (and an accompanying concurrence).  The court’s decision is available here.

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Good Friday…no SOFR?

Earlier this month the New York Fed announced that there will be no SOFR rate published on or for Friday, April 7th even though April…

CLOs: No Conflicts…But Big Problems

March 30, 2023 - On Monday, the LSTA submitted the first of three letters responding to the SEC’s Proposed Rule on “Conflicts of Interest in…

Recent Sustainable Lending Updates: Part 3

Recently the APLMA, LMA and LSTA published updated versions of the Green Loan Principles, Social Loan Principles, Sustainability-Linked Principles and related Guidance. The final versions…