The High Court in London gave judgment on Friday, 3 July 2020 on the relative ranking of over $10 billion of subordinated liabilities in the administrations of two entities in the Lehman Brothers group.
The Court of Appeal in London today gave judgment on Parts A and B of the Lehman Waterfall II Appeal, as part of the ongoing dispute as to the distribution of the estimated £8 billion surplus of assets in the main Lehman operating company in Europe, Lehman Brothers International (Europe) (LBIE).
The Supreme Court in London today gave judgment in the Waterfall I appeal, a dispute as to the distribution of the estimated £8 billion surplus of assets in the main Lehman operating company in Europe, Lehman Brothers International (Europe) (LBIE).
LBIE entered administration on 15 September 2008 and has now paid its unsecured creditors dividends of 100p in the £. The Waterfall I Supreme Court appeal addressed some of the key issues as to who should receive the surplus, which we discuss below.
“So-called” Currency Conversion Claims
On Friday, the California Department of Financial Institutions closed Sonoma Valley Bank, headquartered in Sonoma, California, and appointed the FDIC as receiver.
On Friday, the Office of the Comptroller of the Currency closed Community National Bank at Bartow [http://www.occ.treas.gov/ftp/release/2010-101.htm], headquartered in Bartow, Florida, and Independent National Bank, headquartered in Ocala, Florida, and appointed the FDIC as receiver.
On Friday, the California Department of Financial Institutions closedButte Community Bank, headquartered in Chico, California, and Pacific State Bank, headquartered in Stockton, California, and appointed the FDIC as receiver for the two banks.
On Friday, the Office of Thrift Supervision closed Imperial Savings and Loan Association, headquartered in Martinsville, Virginia, and appointed the FDIC as receiver.
Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Lincoln Park Savings Bank, headquartered in Chicago, Illinois, and the FDIC was appointed receiver.
Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Wheatland Bank, headquartered in Naperville, Illinois, and the FDIC was appointed receiver.
Friday, the Office of the Comptroller of the Currency closed Amcore Bank, National Association, headquartered in Rockford, Illinois, and the FDIC was appointed receiver.