David M. Reicher, a partner and business lawyer with Foley & Lardner LLP, primarily represents end-users on various derivatives products, including credit, interest rate, currency, and total return derivatives. He is a member of the firm’s Finance & Financial Institutions, Public Finance, Education Finance, and Swaps and Derivatives Practices.
David has represented providers and end-users in a variety of derivatives transactions since 1984. In the mid-1980s, he represented a provider of interest rate protection products (swaps, collars, caps) in connection with some of the first interest rate derivatives used with tax-exempt financings.
Recent sample derivatives transactions and matters handled by David include representing:
Since 1977, David also has represented issuers and underwriters and served as bond counsel in connection with the issuance of student loan asset-backed securities, revenue bonds, and commercial paper notes in over 18 states. These transactions represent a wide variety of short-term and long-term financing vehicles, including securities registered with the SEC and those exempt from registration, tax-exempt and taxable asset-backed securities issued with senior and subordinated series, short-term demand notes, bank lines of credit, variable rate instruments, puts, short-term bond issues backed by take-out commitments, letters of credits, or both, issues covered by bond insurance, long-term stand-alone bond issues, and taxable commercial paper.
He also has represented such parties and others in matters before the U.S. Department of Education, the Internal Revenue Service, the U.S. Department of Health and Human Services, the Securities and Exchange Commission, and Congress, including testimony before the Oversight Committee of the House Ways and Means Committee on proposed changes to the arbitrage bond provisions.
David has handled securitizations of other asset classes, and represented financial institutions providing letters of credit and interest rate protection products to issuers of all forms of tax-exempt obligations.
In addition to David’s extensive experience in a broad range of student loan asset-backed securities transactions and in representing education finance clients in matters before various federal agencies, sample transactions and matters handled by David include representing:
David has spoken at conferences sponsored by the Practicing Law Institute, the Public Securities Association, the Consumer Bankers Association, the Education Finance Council, the National Council of Higher Education Loan Programs, Inc. and the National Association of Bond Lawyers. He was chairman of the former Student Loan Financing Committee of the National Association of Bond Lawyers and former chairman of the subcommittee on Student Loans of the American Bar Association’s Committee on Taxation of the Section on Urban, State and Local Government Law.
David has been Peer Review Rated as AV® Preeminent™, the highest performance rating in Martindale-Hubbell's peer review rating system. In 2010, 2011 and 2012, he was recognized by the Legal 500 United States in the structured finance category. He also has been selected by his peers for inclusion in The Best Lawyers in America© since 2012 in the areas of derivatives and futures law and securitization and structured finance law, and as the 2018 “Milwaukee Securitization and Structured Finance Law Lawyer of the Year” by Best Lawyers.*
David graduated from Rutgers College with highest honors in 1974, and from the National Law Center, George Washington University with honors in 1977, where he was a notes editor of The George Washington Law Review.
David serves pro bono as a mediator in the Milwaukee Foreclosure Mediation Program. He also has been a volunteer youth athletic coach for over 25 years.
Admissions and Professional Memberships
David is a member of the Wisconsin and Illinois bars. He also is a member of the National Association of Bond Lawyers.
*The Illinois Supreme Court does not recognize certifications of specialties in the practice of law and no award or recognition is a requirement to practice law in Illinois.