Source: All England Reporter
Publisher Citation: [2011] All ER (D) 171 (Jul)
Neutral Citation: [2011] EWHC 1822 (Ch)
Court: Chancery Division
Judge:

Briggs J
Representation Mark Phillips QC and Stephen Robins (instructed by Clifford Chance LLP) for the issuer.
  Jonathan Russen QC and Rosanna Foskett (instructed by Field Fisher Waterhouse LLP) for LBF.
  Mark Hapgood QC and Jasbir Dhillon (instructed by Sidley Austin LLP) for investor.
  Jonathan Russen QC and Rosanna Foskett (instructed by Field Fisher Waterhouse LLP) for LBF.
  Jeremy Goldring (instructed by Clifford Chance LLP) for the issuer.
Judgment Dates: 15 July 2011

Catchwords

Bank - Banker/client relationship - Duty of bank - Derivative agreements - Bank guaranteeing investors investments through derivative agreements with issuer - Bank obtaining provision for compensation for consequence of early redemption from issuer - Bank being in event of default causing immediate early termination of derivative agreements - Issuer sustaining loss and claiming from bank - Whether automatic early termination of derivative agreement terminating whole agreement - Whether issuer entitled to pay bank - Whether rights and/or liabilities of bank on automatic early termination depending on identification of issuers' loss - ISDA Master Agreement 1992.

The Case

Bank Banker-client relationship. The Chancery Division decided that rights and liabilities of the Lehman Brothers Finance depended on the issuers' loss as defined under the 1992 ISDA Master Agreement.

Practice Areas

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