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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
Court confirms CIT reorganization plan

CIT Group Inc.

USA, New York, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Bankruptcy, Security (finance), Board of directors, Debt, Stock exchange, Preferred stock, New York Stock Exchange, Small Business Administration (USA), Chief executive officer, United States bankruptcy court
CIT announces reorganization plan solicitation results

CIT Group Inc.

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Debt, Voting, Solicitation, Election, Brokerage firm
Federal Reserve Governor Tarullo considers regulation of large institutions

Yesterday, Daniel K. Tarullo, a governor of the Federal Reserve System, continued his vigorous speaking schedule with a speech at the Institute of International Bankers Conference on Cross-Border Insolvency Issues in New York.

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Shareholder, Advance healthcare directive, Federal Reserve (USA), US House Committee on Financial Services
CIT files for bankruptcy

CIT Group Inc.

USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Wage, Bankruptcy, Debtor, Board of directors, Market liquidity, Limited liability company, Debt, Line of credit, Subsidiary, Preferred stock