In the past year the LSTA weighed in as amicus curiae (friend of the court) in four cases of enormous importance to the loan market. Happily, the results in the two cases decided so far have been decidedly good. The two other cases have been fully briefed and argued and await decision in the next few months. The cases are recapped below.
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Stonehill Capital Management v. Bank of the West
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 […]
Stonehill Capital v. Bank of the West
The LSTA filed an amicus brief requesting that the Court of Appeals, NY State’s highest court, agree to hear an appeal of a case, Stonehill Capital v. Bank of the West, which presents two questions of utmost importance to the loan market.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.
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