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

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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 now presiding over the Lehman case) dismissed Lehman Brothers’ claims seeking to claw back transfers made to noteholders in connection with the early termination of hundreds of swap transactions.

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