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Structured credit products - key Australian decisions

  • Herbert Smith Freehills LLP
  • -
  • Australia
  • -
  • February 18 2013

In late 2012, the Federal Court of Australia handed down first instance judgments in two interesting cases involving claims brought by the purchasers

Successful class action by municipalities against Lehman Brothers over derivatives

  • Borden Ladner Gervais LLP
  • -
  • Australia
  • -
  • 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

The Lehman Brothers decision where to from here?

  • King & Wood Mallesons
  • -
  • Australia
  • -
  • October 2 2012

Last week, Justice Rares delivered judgment in the class action proceedings brought by three Councils (as representative applicants) against Lehman Brothers Australia (formerly Grange Securities Limited

Prospective consent to novation is possible (and a margin lender is vindicated)

  • Herbert Smith Freehills LLP
  • -
  • Australia
  • -
  • January 17 2012

In its decision delivered in January 2011, the Full Court of the Federal Court in Leveraged Equities v Goodridge unanimously overturned a decision of Rares J which had held that it was impossible for one party to a contract to prospectively authorise a novation to be made by another party unilaterally

Securitisation fears allayed as High Court refuses to hear Goodridge appeal

  • Clayton Utz
  • -
  • Australia
  • -
  • June 15 2011

The Goodridge case is at an end, with the High Court refusing special leave to appeal on Friday 10 June

Case note: Leveraged Equities Limited v Goodridge 2011 FCAFC 3

  • Herbert Smith Freehills LLP
  • -
  • Australia
  • -
  • January 27 2011

On 18 January 2011, the Full Court of the Federal Court allowed appeals brought by Leveraged Equities Limited (LE) and Macquarie Bank Limited (MBL): Leveraged Equities Limited v Goodridge 2011 FCAFC 3, reversing a decision by Rares J in first instance proceedings brought by Mr Ross Goodridge (2010 FCA 67

Goodridge appeal provides commercial clarity for securitisation

  • Clayton Utz
  • -
  • Australia
  • -
  • January 21 2011

The full Federal Court, in its clear and well-reasoned decision allowing the appeal in Leveraged Equities Limited v Goodridge 2011 FCAFC 3, has allayed concerns raised by the first instance decision in relation to assignment transactions, especially securitisations

US Bankruptcy Court flips English decision on flip clauses in Lehman Brothers case

  • Clayton Utz
  • -
  • Australia, USA
  • -
  • February 5 2010

On 25 January 2010, the United States Bankruptcy Court handed down its much-anticipated decision in relation to an action brought in that court by two Lehman Brothers entities (the Lehman entities) against BNY Corporate Trustee Services Limited (BNY) (the US Decision

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