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Contract – Terms of contract. The Chancery Division ruled on whether a special purpose vehicle company (ARIC) had validly calculated its loss following the automatic early termination of a put option,which had been granted to it by the first defendant, Lehman Brothers Finance SA (LBF). The early termination had been triggered following the collapse of the Lehman's Brother's group. The court held that ARIC had validly calculated its loss in accordance with the relevant provisions of an International Swaps and Derivatives Association master agreement (1992 edition) and that, accordingly, the claimant was entitled to the payment from LBF of US$61,507,902, together with interest.
Contract – Terms of contract. The Chancery Division ruled on whether a special purpose vehicle company (ARIC) had validly calculated its loss following the automatic early termination of a put option,which had been granted to it by the first defendant, Lehman Brothers Finance SA (LBF). The early termination had been triggered following the collapse of the Lehman's Brother's group. The court held that ARIC had validly calculated its loss in accordance with the relevant provisions of an International Swaps and Derivatives Association master agreement (1992 edition) and that, accordingly, the claimant was entitled to the payment from LBF of US$61,507,902, together with interest.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
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