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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
In re Cook

In In re Cook, 2014 Bankr. LEXIS 67 (B.A.P. 8th Cir. Jan.

USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
In re Residential Capital, LLC, et al.

In a recent decision [1] arising from the In re Residential Capital LLC, et al.

USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Debtor