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Fondazione Enasarco v Lehman Brothers S.A.: English court rules on calculation of loss under the 1992 ISDA Master Agreement
  • Sidley Austin LLP
  • United Kingdom
  • May 12 2015

On May 12, 2015, the English High Court gave its judgment in Fondazione Enasarco v (1) Lehman Brothers Finance S.A. and (2) Anthracite Rated


Financial services update Vol. 10, Issue 9
  • Winston & Strawn LLP
  • European Union, USA
  • March 9 2015

I recently had the opportunity to invest in individual shortterm real estate loans. Having devoted my current liquidity to a real estate


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”


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


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


Banking litigation update
  • Herbert Smith Freehills LLP
  • United Kingdom
  • July 19 2012

In Lomas, the Court of Appeal heard four joined appeals concerning the interpretation of various provisions of the ISDA Master Agreement


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


Lehman Brothers bankruptcy court strikes waterfall subordination provisions conditioned on bankruptcy
  • Schulte Roth & Zabel LLP
  • USA
  • January 28 2010

On Jan. 25, 2010, the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) held that a trust deed provision reversing a priority of payment waterfall upon the bankruptcy of a credit support provider under a swap agreement is unenforceable under the U.S. Bankruptcy Code (the “Bankruptcy Code”


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


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