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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.