Lloyd's Law Reports Plus

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

ANTHRACITE RATED INVESTMENTS (JERSEY) LTD v LEHMAN BROTHERS FINANCE SA (IN LIQUIDATION) FONDAZIONE ENASARCO v LEHMAN BROTHERS FINANCE SA AND ANOTHER

[2011] Lloyd's Rep Plus 81

CHANCERY DIVISION

Before Mr Justice Briggs

Contract - Derivative Agreements - Complex financial structures devised by Lehman Brothers to provide principal protection for investors - Agreements terminating early following insolvency of Lehman Brothers in 2008 - Insolvency constituting Event of Default - Construction of early termination provisions - Calculation of Non-defaulting Party's "Loss" for purpose of close-out payment - ISDA 1992 Master Agreement, sections 6(e) and 14.

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