find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Investors one step closer to relief after Lehman collapse

Investors one step closer to relief after Lehman collapse

The bankruptcy trustee of Lehman Brothers has been defeated in its attempts to claim $125 million of notes from the collapsed investment bank.The decision, handed down on Friday, will be warmly…

The bankruptcy trustee of Lehman Brothers has been defeated in its attempts to claim $125 million of notes from the collapsed investment bank.

The decision, handed down on Friday, will be warmly welcomed by the 1000 small investors (some Australian), as well as Perpetual Trustees which represents them, after the UK Court of Appeal confirmed that small investors have priority over the bankruptcy trustee, Lehman Brothers Special Financing, in their claim for the notes.

Perpetual Trustee was represented in the action by Henry Davis York partners Scott Atkins and Alex Mufford, together with English lawyers from Sidley Austin.

The notes were frozen from Mahogany Capital following the Lehman collapse, and Perpetual Trustees has been engaged in a six-month legal battle to recover collateral which could be used to repay Mahogany noteholders.

While the decision is a win for investors, the war might not be quite over, with Lehman Brothers Special Financing having sought leave for an appeal to the UK Supreme Court, and separately moving to obtain a parallel judgment in the US. It is also not yet clear whether the collateral, which is now held by BNY Corporate Trustee Services, will be released.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Investors one step closer to relief after Lehman collapse
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...