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Lehman Says €411M Swaps Claim Can’t Use Good Faith Test
February 14, 2017
Lawyers for a unit of failed bank Lehman Brothers Holdings Inc. fighting a €411 million ($436 million) suit over canceled swaps contracts claimed in London’s High Court on Tuesday that the tests of good faith and rationality do not apply to the “hard” contractual terms of the swaps.
David Wolfson, the barrister representing Lehman Brothers Finance AG at trial, said that while the two investment companies bringing the claim can largely choose how to calculate their loss, the contract terms force them to determine the loss.
Lehman Says €411M Swaps Claim Can’t Use Good Faith Test - Law360
February 14, 2017
Lawyers for a unit of failed bank Lehman Brothers Holdings Inc. fighting a €411 million ($436 million) suit over canceled swaps contracts claimed in London’s High Court on Tuesday that the tests of good faith and rationality do not apply to the “hard” contractual terms of the swaps.
David Wolfson, the barrister representing Lehman Brothers Finance AG at trial, said that while the two investment companies bringing the claim can largely choose how to calculate their loss, the contract terms force them to determine the loss.
Lehman Says €411M Swaps Claim Can’t Use Good Faith Test - Law360