On September 15, 2008, Lehman Brothers declared bankruptcy, an event considered by many to mark the beginning of the credit crisis of 2008–2009 and the unprecedented public policy responses that followed. Much has been written about the multiple contributing factors to the crisis, ranging from predatory lending to Federal Reserve interest rate policy.
USA, Banking, Capital Markets, Company & Commercial, Derivatives, Insolvency & Restructuring, IT & Data Protection, K&L Gates LLP, Fintech, Troubled Asset Relief Program, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA), Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Emergency Economic Stabilization Act 2008 (USA)
From 1 April 2016, conditional fee agreements (CFA), after the event premiums and success fees will no longer be recoverable in insolvency cases.
The legislative change is set to have the biggest impact on lower-value insolvency cases (damages less than £500,000 and legal costs lower than £200,000).