Lehman UK Creditors Could Get $1B After Appeal Win

Law360, New York (March 14, 2013, 3:16 PM EDT) -- Creditors for Lehman Brothers Holdings Inc.’s U.K. arm could get another $1 billion after a U.K. appeals court ruled Thursday that the firm could use a side letter attached to intercompany contracts with a Swiss affiliate over derivatives trading to help determine the contracts’ value.

In granting the appeal of the administrators for Lehman Brothers International (Europe), a three-judge panel for the Court of Appeal for England and Wales said a 2006 side letter to back-to-back contracts between LBIE and Lehman Brothers Finance SA should be...
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