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

[2011] 2 Lloyd's Rep. 538

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.