Lehman Brothers

News & Analysis as of

A special report on the Nigerian banking system: The ripple effects of Lehman - A tale of sin and redemption?

This article focuses on the banking sector crisis which engulfed the Nigerian financial sector from 2008 to 2011, and the steps taken by the Central Bank of Nigeria (CBN) in restoring financial stability. We discuss the...more

The Lehman Client Money Litigation

When it was placed into administration on the morning of 15 September 2008, Lehman Brothers International (Europe) (in administration) ("LBIE") could account for approximately $2.16 billion of money in its segregated client...more

UK Court Decision Demonstrates Importance of Compliance With ISDA Market Quotation Procedures

The High Court of England and Wales (Commercial Court) recently decided in favor of Lehman Brothers Finance S.A. (in liquidation) (LBF) against Sal. Oppenheim Jr. & Cie. KGAA (Oppenheim). The matter involved a dispute over...more

Orrick's Financial Industry Week in Review

Council of EU Presidency Compromise Proposal on Benchmark Regulation - On September 10, the Presidency of the Council of the EU published its first compromise proposal (dated September 9, 2014) relating to the European...more

The SEC, An Idea, Insider Trading And The Wyly Case

The SEC got a much needed courtroom win with a jury verdict in the Wyly case. The insider trading claim, however, was not submitted to the jury because any penalty was time barred. That claim, which was little more than the...more

Do Dodd-Frank's Stress Testing Results Hold Hidden Risks?

While the recent Dodd-Frank stress test results of the nation's 30 biggest banks might seem reassuring, prudent policy makers and practitioners should be wary. Like airport security, many are asking, ‘‘Are we...more

Lehman: New Limitations on Plan Payment of Individual Creditors’ Committee Members’ Professional Fees

In the recent case of Davis v. Elliot Mgmt. Corp. (In re Lehman Bros. Holdings Inc.), 2014 U.S. Dist. LEXIS 48102 (S.D.N.Y. Mar. 31, 2014), the District Court for the Southern District of New York issued a decision barring...more

Was Richard Bowen’s Whistle Stuffed?

Five years have passed since Lehman Brothers' bankruptcy. Richard M. Bowen III, a former Citigroup executive who blew the whistle on their bad business practices, provided 1000 pages of documents to the Securities and...more

BAC CEO Pays $10 Million Plus D&O Bar To Settle NYAG Market Crisis Case

Former Bank of America CEO Kenneth Lewis agreed to pay $10 million and to be barred from serving as an officer or director of a public company for three years to settle fraud charges brought by the New York Attorney General...more

Lehman Brothers Holdings Inc. v. Spanish Broadcasting Sys., Inc., Consol. C.A. No. 8321-VCG (Del. Ch. Feb. 25, 2014) (Glasscock,...

In this memorandum opinion, the Court of Chancery held that preferred stockholders of Spanish Broadcasting System, Inc. (“SBS” or the “Company”) had acquiesced to the Company’s incurrence of additional debt while a dividend...more

Orrick's Derivatives in Review - March 2014

Publication of 2014 ISDA Credit Derivatives Definitions - On February 21, the International Swaps and Derivatives Association, Inc. announced the publication of the 2014 ISDA Credit Derivatives Definitions, which...more

Lehman Waterfall Application and Game Station Decision

In another judicial decision springing from Lehman Brothers, as a result of the likely surplus in the estate of Lehman Brothers International (Europe) (in administration) (LBIE) after all the provable debts have been paid, Mr...more

Venezuela Sees Lawsuit Dismissed Under FSIA

A company arguing that the Venezuelan government is preventing it from claiming US$400 million from the Lehman Brothers’ estate has seen its case thrown out by a New York court on grounds of lack of jurisdiction. The...more

Orrick's Financial Industry Week in Review - January 27, 2014

Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions in Swap - Judge James M. Peck issued a significant opinion in the Lehman Brothers bankruptcy late last month, which preserved important safe...more

Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions In Swap

Judge James M. Peck issued an important opinion in the Lehman Brothers bankruptcy late last month. The opinion protects a non-debtor counterparty's right to rely on a contractually agreed methodology for damages calculations...more

Lehman Bankruptcy Court Issues Safe Harbor Decision

On December 19, 2013, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York issued his latest decision in the Lehman Brothers cases addressing the scope of the safe harbor provisions...more

First Department Sustains Connecticut Unfair Trade Practices Act and Other Claims Against Subsidiaries and Officers of Lehman...

In Aetna Life Insurance Company v. Appalachian Asset Management Corp, et al., 2013 Slip Op 05506 (1st Dep’t July 30, 2013) the Appellate Division affirmed the April 13, 2012 decision of the New York County Supreme Court,...more

A Time for Reflection: the Fifth Anniversary of Lehman Brothers’ Collapse

Sunday, September 15, 2013, marked the fifth anniversary of Lehman Brothers’ bankruptcy, the largest in U.S. history. It is widely believed that Lehman’s meltdown set off a domino effect that led to the global financial...more

S.D.N.Y. Bankruptcy Court Finds That Claims Against Lehman Brothers Inc. Related to Bilateral Repurchase Transactions Do Not...

The United States Bankruptcy Court for the Southern District of New York recently entered a memorandum opinion in the Lehman Brothers Inc. (LBI) proceeding under the Securities Investor Protection Act (SIPA). The Bankruptcy...more

Supreme Court Rules Against Super Priority Status of Pension Regulator’s Claims in Insolvency

The Supreme Court has boosted the rescue culture by ruling that Financial Support Directions (FSDs) issued by the UK Pensions Regulator after commencement of insolvency proceedings are not an expense of the administration...more

UK Supreme Court Throws out the Nortel and Lehman Pension Baby Claims with the Bathwater

While the arrival of His Royal Highness Prince George Alexander Louis of Cambridge has dominated the British (and the world) headlines this week, the U.K. Supreme Court delivered its own long awaited bundle of joy earlier...more

Second Circuit Dismisses Lehman Brother’s ERISA Stock-Drop Action

The Second Circuit recently affirmed the dismissal of former Lehman Brothers employees’ fiduciary breach claims relating to their investment in the Lehman Brothers stock fund through their 401(k) plan. Rinehart v. Akers, 2013...more

Bill on Bankruptcy: Make-Whole Premiums, Lehman, ResCap  [Video]

July 17 (Bloomberg Law) -- Bankruptcy Judge Sarah A. Hall in Oklahoma City is this week's "Judge of the Week" on the new video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. In the...more

Claims Under Repurchase Transactions Do Not Qualify As Customers’ Claims in Broker-Dealers’ Liquidation

Judge James M. Peck of the Bankruptcy Court for the Southern District of New York held, on June 25, 2013 (the “Lehman Op.”), that claims under repurchase transactions (“Repos”) do not qualify as customer claims and therefore...more

Bill on Bankruptcy: Supreme Court Cases Will Have Wide Impact [Video]

June 27 (Bloomberg) -- The two bankruptcy cases going before the U.S. Supreme Court in the term beginning in October are the first topics of conversation on the video with Bloomberg Law's Lee Pacchia and Bloomberg News...more

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