A federal court jury in Manhattan returned verdicts on Monday, November 12, largely exonerating the two most senior Reserve Management Company executives in a Securities and Exchange Commission enforcement action accusing them of fraud.
USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Orrick, Herrington & Sutcliffe LLP, Fraud, Negligence, Net asset value, US Securities and Exchange Commission, Lehman Brothers
In its ruling on Wednesday 27 July in the matter of Belmont Park Investments PTY Ltd v BNY Corporate Trustee Services Lte & Anor [2011] UKSC 38 the Supreme Court of the United Kingdom has dismissed the appeal by Lehman Brothers Special Finance Inc. ("LSF") relating to the validity of an alleged anti-deprivation provision known as a 'flip' provision which, has the effect of altering the payment priority order as a result of a bankruptcy of the relevant swap counterparty, in this case Lehman Brothers.
USA, Derivatives, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Contractual term, Bankruptcy, Breach of contract, Swap (finance), Good faith, Default (finance), Lehman Brothers, Credit rating agency, Supreme Court of the United States, UK Supreme Court