Resolution of Claims in Lehman Brothers International (Europe) Insolvency Administration

Cravath represented a major financial institution in connection with a matter relating to a significant amount of post‑petition interest on claims arising from terminated ISDA swaps in the Lehman Brothers U.S. bankruptcy case and the related U.K. insolvency administration of Lehman Brothers International (Europe). The matter involved complex cross‑border legal issues relating to statutory surplus entitlements, including issues relating to ISDA default rate calculations and questions regarding applicability of statutory versus contractual interest rates. The resolution of the matter was reported to the Joint Administrator of Lehman Brothers International (Europe) (in administration) on August 2, 2017.

The Cravath team was led by partner Paul H. Zumbro and included associate Adam M. Sanchez on corporate restructuring matters.