Implications of the Second Circuit’s Decision to Reinstate Breach of Contract and Gross Negligence Claims Brought against a CDO Manager

This article summarizes the events that led to a dispute in federal court relating to a collateralized debt obligation (CDO), a recent Second Circuit opinion in the dispute and the implications of the decision for participants in the CDO market.  This article also summarizes two important practice points arising out of the decision, as identified by Cleary Gottlieb Steen & Hamilton LLP.

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