An Expert on the “Monster of Wall Street”
Bill on Bankruptcy: Make-Whole Premiums, Lehman, ResCap
Bill on Bankruptcy: Supreme Court Cases Will Have Wide Impact
Spitzer "Disappointed" in Wall Street's Regulators
Bill on Bankruptcy: What's in the $83M ResCap Examiner's Report?
Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated
Bill on Bankruptcy: MF Global Creditors Undeterred by Low Value
Bill on Bankruptcy: Fee Agreement Puts Law Firm In Trustee's Sights
As Spring came this year, the news was filled with reports that we would see an especially large crop of ciccadas this year as the 13 year brood is coming at the same time as their 17 year cousins. But it isn’t just insects...more
This constitutes the third in a four-part series that discusses the practice of repledging (sometimes referred to as “rehypothecation”), how standard agreements allow for repledging, the treatment of repledging under current...more
In light of the banking failures of Silicon Valley Bank, Signature Bank and First Republic (as well as Credit Suisse), this summer, the Federal Reserve and the FDIC proposed guidance and rules for larger banks to (i) develop...more
The practice of repledging (sometimes referred to as “rehypothecation”) is utilized in, among others, loan, swap, and brokerage transactions. In connection with troubled financing institutions, it may be a classic example of...more
The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...more
New York state court ruled that a non-defaulting insurer’s valuation under the 1992 ISDA Master Agreement was commercially reasonable and in good faith and was not required to rely on market prices that distorted the value of...more
As market participants debate whether the recent bank shutdowns and the government-sponsored sale of Credit Suisse may be a precursor for another “Lehman Moment,” we are reminded of yet unresolved issues that followed the...more
Although it is unlikely that the recent failure of certain financial institutions will have an impact similar to the collapse of Lehman Brothers in 2008, the current climate does bring to mind that distressed era. In...more
In October 2022, the English High Court delivered a long-awaited judgment relating to whether or not certain Bankruptcy Events of Default can be cured under the ISDA 2002 and 1992 Master Agreements ("ISDA Master Agreements")...more
In theory, trademarks can last “forever.” Unlike copyrights and patents, which have finite durations defined by law, a trademark can last as long as its owner maintains it and continues to use it. As the US Patent and...more
TIGER LILY VENTURES LTD. v. BARCLAYS CAPITAL INC. Before Lourie, Bryson, and Prost. Appeal from the United States Patent and Trademark Office, Trademark Trial and Appeal Board. Summary: A trademark associated with a...more
The U.S. Court of Appeals for the Federal Circuit on June 1, 2022, issued an order in favor of Barclays Capital Inc. (Barclays) in relation to its opposition to a trademark application for LEHMAN BROTHERS. The court affirmed...more
2021 provided some long-awaited new exit ramps off the long and winding road of business vs. business residential mortgage litigation stemming from the 2007–08 financial crisis. A multitude of recent settlements has left that...more
After the collapse of Lehman Brothers in 2008, buy-side entities were forced to develop a greater appreciation for the legal fine print that governs trading activity with their sell-side counterparts. The dangerously weakened...more
If you thought Lehman Brothers Holdings Inc. (“LBHI”) was done suing lenders as a result of its settlements with RMBS trustees years ago, think again. ...more
One would think that, as we approach 2021, litigation related to residential mortgage loans originated and sold well over a decade ago would be ancient history. Nevertheless, some suits filed years ago remain active, and,...more
Tiger Lily Ventures, Ltd. (“Tiger Lily”) is a small British company seeking to name their whiskey “Lehman Brothers.” They were unsuccessful in their trademark application, which was opposed by Barclays Capital Inc. and...more
On September 30, 2020, the Trademark Trial and Appeal Board ruled in favor of the assignee of the famous LEHMAN BROTHERS trademark against the registration that mark as a brand name for beer, spirits, and bar and restaurant...more
In Lehman Brothers Special Financing Inc. v. Branch Banking & Trust Co. (In re Lehman Brothers Holdings Inc.), No. 18-1079, --F.3d--, 2020 WL 4590247 (2d Cir. Aug. 11, 2020), the Second Circuit held that provisions in a swap...more
After nearly 10 years of litigation, the Second Circuit has weighed in on an appeal in an adversary proceeding arising out of the Lehman Brothers bankruptcy. The August 11, 2020, decision confirms that a trustee’s termination...more
On August 11, 2020, the United States Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman Brothers Special Financing Inc.’s (“LBSF”) attempt to recover nearly $1 billion in payments to...more
For over a decade, Lehman Brothers Special Financing (“LBSF”) has been litigating the enforceability of so-called “flip clauses” in connection with the post-bankruptcy liquidation of swap agreements. These clauses, which are...more
The Second Circuit ruled last week in Lehman Bros. Special Fin. Inc. v. Bank of Am. Nat'l Ass'n, No. 18-1079 (2d Cir. 2020) that a Lehman Brothers affiliate cannot claw back $1 billion in payments made pursuant to swap...more
Swaps, together with repurchase agreements, forward contracts, securities contracts and commodities contracts receive special treatment under the bankruptcy code-they are largely exempt from the automatic stay, bankruptcy...more
Almost 12 years after the commencement of the Lehman Brothers bankruptcy case, we now know the answer to one of that case’s most interesting questions—namely, whether so-called “flip clauses” are protected settlement payments...more