Lehman Ruling Continues Bankruptcy Safe Harbor Expansion

Law360 (September 11, 2020, 3:35 PM EDT) -- On Aug. 11, in In re: Lehman Brothers Holding, the U.S. Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman's attempt to recover nearly $1 billion in payments to noteholders and enforcing certain priority provisions that subordinated payments otherwise payable to Lehman under related swap transactions.

In its per curiam decision, the court found that the priority provisions contained in collateralized debt obligation, or CDO, indentures that were triggered by the 2008 bankruptcy filing of Lehman Brothers Holding Inc. were contractual rights the enforcement of which was protected by the Bankruptcy Code safe harbor provisions applicable to...

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