The COVID-19 (coronavirus) pandemic triggered – in addition to health and human tragedies – the most serious economic crisis since World War II. This economic crisis has led to financial difficulties for many German companies – especially in the tourism, gastronomy, aviation, hotel, culture and event sectors. COVID-19 also affects the overall economic development in many other sectors.

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.