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James Gadsden Quoted in The Secure Debt Report on “Big Boy” Letters

 Litigation Partner James Gadsden was quoted in The Secured Debt Report on May 8, 2007 on the enforceability of ‘Big Boy’ agreements. The article titled “Barclays Investigation Shines Light on Insider Trading By Bankruptcy Creditors” explains that former Barclays’ managers are alleged to have encouraged desk traders and analysts to sign customary ‘big boy letters’ that were intended to give Barclays legal cover to trade on information from the bankruptcy. Mr. Gadsden commented that the ‘big boy letters’ offer no guarantee that traders won’t be held liable for their actions, and federal securities law limits the enforceability of waivers of rights created under the letters.

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