Court of Appeal confirms wide discretion afforded to a non-Defaulting Party when determining "fair market value" of securities under the GMRA (2000 version)

The recent Court of Appeal decision inLBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 affirms the wide discretion of the non-Defaulting Party to determine "fair market value" in accordance with the close-out mechanism under paragraph 10(e)(ii) of the standard Global Master Repurchase Agreement (2000 version) ("GMRA").

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Lehman Brothers, Court of Appeal (England and Wales)
Authors:
Harry Edwards , Simon Clarke , Ceri Morgan , Emma Deas
Location:
United Kingdom
Firm:
Herbert Smith Freehills LLP