Lehman Challenges Counterparty Get-Out Clause

The administrators of Lehman Brothers International Europe are asking the High Court in England to decide on whether an International Swaps and Derivatives Association Master Agreement clause, which protects parties from stumping up payments on out-of-the-money contracts with insolvent counterparties, runs counter to bankruptcy law.

  • 28 Jun 2010

--Daniel Flatt

The administrators of Lehman Brothers International Europe areasking theHigh Court in England to decide on whether an International Swaps and Derivatives Association Master Agreement clause, which protects parties from stumping up payments on out-of-the-money contracts with insolvent counterparties, runs counter to bankruptcy law.

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