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Successful class action by municipalities against Lehman Brothers over derivatives

Borden Ladner Gervais LLP
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Australia
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November 20 2012

In a long (1,247 paragraphs long) judgment, the Federal Court of Australia has found Lehman Brothers liable to a class of three municipal councils arising from the sale of synthetic collateralised debt obligations (SCDOs), an investment product that Rares J described as essentially ‘a sophisticated bet’ and a bet that went disastrously wrong during the financial crisis of 2007

Bank fees can be penalties, even where not related to customer’s breach

Borden Ladner Gervais LLP
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Australia
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October 17 2012

The High Court of Australia has stated that bank fees even where they do not arise on breach of contract by the customer may still be penalties (and thus unenforceable): Andrews v Australia and New Zealand Banking Group Ltd, 2012 HCA 30

Interpretation of ambiguous commercial contracts: will common sense prevail?

Borden Ladner Gervais LLP
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Australia, United Kingdom
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January 19 2012

In England, yes; in Australia, apparently not

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Successful class action by municipalities against Lehman Brothers over derivatives

Bank fees can be penalties, even where not related to customer’s breach

Interpretation of ambiguous commercial contracts: will common sense prevail?

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