*Lehman Brothers Finance S.A. (in Liquidation) v Sal Oppenhim jr. & cir. KGaA

Contract – Construction. The claimant, Lehman Brothers, brought a claim for the balance of a sum which it contended was due from the defendant arising out of early termination of four option transactions governed by an International Swaps and Derivatives Association agreement, together with interest. The defendant had paid the claimant €1,849,968.99. The Commercial Court held, among other things, that the defendant had breached its contractual obligation to use the agreed market quotation formula to determine the sum due. Using that formula, a payment of €2,963,081.18 should have been made.

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