We use cookies to customise content for your subscription and for analytics.
If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
In cooperation with Association of Corporate Counsel
  Request new password

Search results

Order by most recent / most popular / relevance

Results: 1-10 of 14

Enforceability of subordination provisions in synthetic CDOs a Lehman perspective

  • Kramer Levin Naftalis & Frankel LLP
  • -
  • United Kingdom, USA
  • -
  • February 3 2010

On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom

District court enforces credit default swap

  • Fried Frank Harris Shriver & Jacobson LLP
  • -
  • USA
  • -
  • June 12 2008

On June 10, 2008, US District Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a notable ruling enforcing a credit default swap (“CDS”) that Merrill Lynch & Co. (“Merrill Lynch”) had purchased to hedge certain of its collateralized-debt obligations (“CDOs”

Federal appellate court affirms dismissal of AIG derivative suit

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • March 28 2011

On March 17, 2011, the Second Circuit Court of Appeals affirmed a district court's dismissal of plaintiff Louisiana Municipal Police Employees Retirement System's derivative action on behalf of American International Group ("AIG") and certain of its current and former directors and officers for breaches of fiduciary duty, waste of corporate assets, unjust enrichment and contribution, as well as violations of the Securities and Exchange Act Sections 20(a) and 10(b

A warning to sophisticated parties in fraud cases: do your homework

  • Kelley Drye & Warren LLP
  • -
  • USA
  • -
  • May 4 2012

On March 27, 2012, the Appellate Division, First Department issued its opinion in HSH Nordbank AG v. UBS AG, which reversed the lower court’s denial of a motion to dismiss the fraud claim

Talk tax quarterly news

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 22 2011

Just as we were going to press bemoaning the impending January 1, 2013 effective date of the Foreign Account Tax Compliance Act, the Internal Revenue Service and Treasury Department announced an extension of the new provisions’ withholding and reporting requirements

CDO fraud litigation and enforcement - 2011 survey

  • Lowenstein Sandler LLP
  • -
  • USA
  • -
  • June 23 2011

As of mid-2011, private plaintiffs and government regulators most prominently, the SEC continue to pursue fraud claims in connection with the marketing and sale of collateralized debt obligations (“CDOs”

Anthracite vs Lehman Brothers finance s.a.

  • Sidley Austin LLP
  • -
  • United Kingdom
  • -
  • July 20 2011

An English court judgment in Anthracite Rated Investments (Jersey) Limited and Lehman Brothers Finance S.A. Fondazione Enasarco and (1) Lehman Brothers Finance S.A. (2) Anthracite Rated Investments (Cayman) Limited was handed down by Justice Briggs on 15 July 2011

Bankruptcy court rules that “flip clauses” violate Bankruptcy Code

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 5 2010

On January 25, Judge Peck of the U.S. Bankruptcy Court for the Southern District of New York entered a declaratory judgment in favor of Lehman Brothers Special Financing Inc. (LBSF) in a case examining a collateralized debt obligation (CDO) transaction and concerning the effect of event of default provisions on the payment priorities of LBSF as swap counterparty under certain swap agreements and the holders of certain credit-linked synthetic portfolio notes

US “ipso facto” and UK “anti-deprivation”: the Lehman “flip” clause

  • Chadbourne & Parke LLP
  • -
  • United Kingdom, USA
  • -
  • August 18 2010

On November 6, 2009, the English Court of Appeal issued a judgment in the case of Perpetual Trustee Company Limited & another v BNY Corporate Trustee Services Ltd & another 2009 EWCA Civ 1160, an action commenced in the English High Court by the noteholders representative Perpetual Trustee Company Limited ("Perpetual"

The anti-deprivation principle and an Atlantic divide

  • McDermott Will & Emery
  • -
  • United Kingdom, USA
  • -
  • September 23 2009

Structured finance transactions frequently subordinate a swap counterparty’s rights to termination payments upon termination of a swap by reason of counterparty default