Lehman Limits Exercise Of Setoff Right In ISDA Pacts
The background to the decision is that before Lehman's bankruptcy, Swedbank AG ("Swedbank") and Lehman Brothers Holdings Inc. ("LBHI") entered into several ISDA Master Agreements (the "Agreements").
Each of the Agreements provides that bankruptcy is an event of default triggering the early termination of the Agreements. Early...
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