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UK High Court judgment on ISDA Default Rate calculations in Lehman Waterfall IIC, and supplemental judgment on statutory interest and currency conversion claims in Waterfall IIA and IIB

The High Court in London handed down judgment on Part C of the Lehman Waterfall II Application on 5 October 2016.

The judgment examines the extent of creditors’ entitlements to Default Rate interest on debts arising under ISDA Master Agreements governed by English law and New York law. As some £4.4 billion of LBIE’s admitted claims arise under ISDA Master Agreements and the debts were outstanding for more than five years, this judgment will materially influence the amount of money which must be applied in satisfaction of creditors’ entitlements to statutory interest.

United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, International Swaps and Derivatives Association, Lehman Brothers
Test for granting leave to sue court-appointed receiver

Introduction
'Frivolous or vexatious' test
'Strong prima facie case' test
Applying the same test for leave
Receiver's appointment and discharge orders
Comment

Canada, Insolvency & Restructuring, Litigation, Dentons, Shareholder, Vexatious litigation, Prima facie, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
Production of documents from court-appointed receivers

Introduction
Receivership and OSC proceeding
Production by court-appointed receivers
Not the right forum
Comment


Introduction

Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Ontario Securities Commission, Court of Appeal for Ontario
The Hollinger sealing order – using the <i>Sierra Club</i> test to protect settlement privilege

 

Introduction

Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Confidentiality, Interest, Discovery, Freedom of speech, Non-disclosure agreement, Right to a fair trial, KPMG, Trustee, Court of Appeal for Ontario