American Banker quoted Manatt's Brian Korn, a partner in the firm's Capital Markets practice, in an article about the banking industry's new fears following Justice Antonin Scalia's unexpected death.
American Banker reports that marketplace lenders have been waiting for the court to decide whether it would hear Madden v. Midland Funding, which raises fundamental questions about the industry's business model. Scalia's death now leaves the Supreme Court with a smaller pool of justices to supply four votes in favor of hearing the case.
"His passing marks a potential blow to the chances of the case being heard and ultimately overturned," Korn said.