A ruling late last year by a U.S. District Court judge in Wilmington, Delaware, put the structured-finance industry on high alert because of the serious legal and financial implications it poses for the private-label securities (PLS) market.

The fate of the litigation is now in the hands of the U.S. Court of Appeals for the Third District, however. The federal appeals court, based in Philadelphia, this week decided to weigh in on the major arguments in the case by agreeing to hear a rare interlocutory appeal filed by the defendants — a group of student-loan securitization trusts.

Normally, parties to a case details ⇒

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