Immunity clause highlights hearing on ABCP plan

A Canadian judge is considering a plan sought by banks and others to restructure the $31.8 billion market in asset-backed commercial paper. Opponents want the judge to eliminate a clause that would provide immunity from lawsuits, even in cases of alleged fraud. The plan's supporters argue that changes are impossible. The judge said Monday that he thinks "one can't contract out of fraud." But he said he wanted to know whether any fraud lawsuits were projected.

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