How Fair Is Fair Market Value In The UK?

Law360 (June 4, 2018, 3:11 PM EDT) -- In a recent decision, the Court of Appeal has ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition.

The claim was brought by LBI EHF, formerly Landsbanki Islands hf, relating to repurchase or "repo" trades entered into between LBI and Raiffeisen Zentral Bank Österreich AG, now Raiffeisen Bank International AG.

At first instance, the dispute between the parties related to both valuation of the repo transactions and whether the default notices were effectively served. The appeal solely related to valuation.

In upholding the High Court's decision, the...

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