Lehman Swap Counterparties Win $91M Ruling In UK

Law360, New York (December 21, 2010, 8:21 PM EST) -- A London court on Tuesday ruled that Lehman Brothers International Europe can't collect some $91 million in payments on interest rate swap deals made with counterparties who cited an event of default on the part of the bankrupt financial services giant.

The judgment by Justice Michael Briggs in the Chancery Division of London's High Court of Justice, marked a defeat for plaintiff Antony Victor Lomas and four other LBIE administrators, which sought payment from JFB Firth Rixson Inc. and three other counterparties.

The counterparties argued that...
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