Lehman Brothers

News & Analysis as of

Debt Dialogue: February 2017 - Media Center

This month’s issue of Debt Dialogue addresses the Second Circuit’s recent Marblegate decision, the controversy generated by last year’s Cash American decision, and payment of indenture trustee fees in bankruptcy, as well as...more

Roundup of upcoming cases and anticipated UK regulatory developments

Cases to watch- Wall v RBS – is the bank entitled to an order requiring Mr Wall to identify the third party funder funding his case so that the bank can make an application for security for costs against the funder? Due...more

The Delta Report – Derivatives Newsletter: January 2017

In this first issue of The Delta Report for 2017, we cover crucial updates on developments in the derivatives space in Europe and Asia. In the UK, Brexit-related issues continue to take the spotlight. The Article 50 challenge...more

The Lehman Administration Surplus and the High Court Ruling in Waterfall IIC

A recent UK High Court ruling in Lehman Brothers International (Europe) (In Administration) ("Lehman Waterfall IIC") considers the application of statutory interests on proven debts in an administration and in particular the...more

Your Daily Dose of Financial News

The CFPB has ordered UniRush (purveyor of the RushCard prepaid debit card) and its payment processor, MasterCard, to fork over $13 million in fines after a breakdown last year that blocked thousands of customers from...more

Contractual notice provisions and the ‘close of business’

Lehman Brothers International (Europe) v ExxonMobil Financial Services B.V. [2016] EWHC 2699 (Comm), 28 October 2016 - When serving notices in deteriorating market conditions, beware more haste and less speed. A recent...more

The Supreme Court Will Review Whether Putative Class Actions Toll the Statute of Repose for Class Members’ Individual Securities...

On January 13, 2017, the Supreme Court granted certiorari in California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373 (ANZ Securities), to resolve whether the filing of a putative class action tolls...more

What is worth remembering from the second half of 2016?

Court decisions/impacts - In the first half of 2016, there were a number of interesting judgments in relation to agreements concluded on standard terms which are likely to be of relevance to those using such documents in...more

Improvements to the Investment Bank Special Administration Regime

The Investment Bank Special Administration Regime (SAR) was introduced in 2011 in response to difficulties faced in the Lehman Brothers administration. Following a review of the regime by Peter Bloxham in 2014, and a...more

Global Financial Markets Insight - Issue 11, 2016

As we come to the end of 2016 we re ect on a year characterised by events that have sent political shockwaves through the world’s major markets and consider what this may mean for the coming year. The surprise may be...more

ISDA Master Agreement: English court considers meaning of “Default Rate”

The English High Court in Lehman Brothers International (Europe) (In Administration) [2016] EWHC 2417 (Ch), in one of a series of cases arising from the Lehman insolvency, has had to consider (among other issues) the meaning...more

Lehman Brothers International (Europe) (In Administration) – Two Recent Judgments

Last week, the High Court ruled on the meaning of “Default Rate” in the 1992 and 2002 ISDA Master Agreements (together, the “ISDA Master Agreements”). Whilst the decision addresses a multitude of issues, perhaps the most...more

Lehman Estate Settles Claims By RMBS Insurer and Trustee

On September 20, 2016, Judge Shelley Chapman of the U.S. Bankruptcy Court for the Southern District of New York approved the $37 million settlement of $1.3 billion in claims asserted against the estates of two defunct Lehman...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more

Your daily dose of financial news - The Brief – 9.16.16

The DOJ has reportedly proposed an eye-popping $14 billion settlement with Deutsche Bank to resolve MBS-related probes, though insiders caution that this is likely an outsized opening bid and that the ultimate settlement will...more

Your daily dose of financial news - The Brief – 9.1.16

Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank.  The bid is controversial at home for new PM Justin Trudeau, but it reflects the...more

Judge Chapman Flips the Script

US Bankruptcy Court for the Southern District of NY Grants Noteholders’ Motion to Dismiss Based on Lehman’s Failure to State Claim With Respect to Flip-Clause Litigation - On June 28, 2016, in what essentially was a...more

Bankruptcy Court Broadly Applies Safe Harbors and Rejects Singular Event Theory Precedent

In a decision that parts ways with two prior decisions in the Lehman bankruptcy, Lehman Brothers Special Financing Inc. v. Bank of America National Association, No. 10-3547, Bankruptcy Court Judge Shelley Chapman (who is ...more

Two Recent Second Circuit Decisions Provide Opportunity for Supreme Court to Address Whether American Pipe Tolling Extends to...

The tolling rule established by the Supreme Court in American Pipe & Construction Co. v. Utah generally provides that the commencement of a class action in federal court suspends the applicable statute of limitations for all...more

Casting the Net Wider to Address "Too Big to Fail" - The ISDA 2015 Universal Resolution Stay Protocol

21 major global banks signed the ISDA 2015 Universal Resolution Stay Protocol at launch. Pursuant to the ISDA 2015 Universal Resolution Stay Protocol, these banks have agreed to suspend their termination rights in relation to...more

Corporate and Financial Weekly Digest - Volume XI, Issue 26

SEC/CORPORATE – SEC Division of Corporation Finance Issues C&DIs on Application of Rule 701 – On June 23, the Staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission...more

A Flip on the Flip Clause: Lehman Court Changes Course on Flip Provisions and Financial Safe Harbors

New York bankruptcy judge dismisses claims to recover approximately $1 billion that had been distributed to noteholders following commencement of the Lehman Brothers chapter 11 proceedings in September 2008. After more...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

Default Interest Provision Breaches Penalty Rule (Obiter)

Following the Supreme Court's new test for penalties in Cavendish v Makdessi, Snowden J found (obiter) in Hayfin Opal Luxco 3 SARL & anr v Windermere VII Cmbs Plc & ors [2016] EWHC 782 (Ch) that a default interest provision...more

Employee Benefits Developments - April 2016

Stock Drop Case Update: Settlement Reached in Dudenhoeffer Case; Dismissal of Lehman Brothers Lawsuit Upheld. Two recent developments in stock drop litigation are worth noting: Dudenhoeffer Settlement. In Fifth Third...more

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