Law 360 Covers Appeal of CDO Ruling Argued by Stephen Plotnick to Second Circuit

In a December 11 article entitled “Rakoff Ignored Contract Law in CDO Ruling, 2nd Circ. Told,” Law 360 reported on an appeal to the United States Court of Appeals for the Second Circuit argued recently by litigation partner Stephen M. Plotnick. The appeal arises out of an interpleader suit filed in 2010 to settle a dispute among noteholders over payments tied to two collateralized debt obligations. Plotnick argued to the Second Circuit that the district court had disregarded long-standing tenets of contract law in ruling on the dispute, and failed to give effect to provisions in the indentures governing the CDOs requiring that Class A-2 noteholders be paid interest before paying principal to the Class A-1 noteholders.

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