Judgment handed down in Waterfall I Application

The Supreme Court today handed down judgment in the Lehman Brothers Waterfall I Appeal.

The appeal and cross-appeal arise from the collapse of the Lehman Brothers group in 2008, and the subsequent emergence of a £7 billion surplus.

The Supreme Court’s decision concerns a number of novel and important questions of insolvency law. Perhaps most significantly, the Supreme Court has overruled David Richards J and the Court of Appeal, holding (by a majority) that so-called Currency Conversion Claims do not exist.

Four silks and three juniors from South Square, representing three different parties, appeared on the application: William Trower QC, Daniel Bayfield QC and Stephen Robins (representing the joint administrators of LBIE); Robin Dicker QC, Richard Fisher and Charlotte Cooke (representing CVI GVF (LUX) Master Sarl); and Barry Isaacs QC (representing LBHI).  A number of other South Square barristers continue to act in relation to other Lehman Brothers related matters.

Click here for the official press summary from the Supreme Court.

Click here for the judgment.

Scroll To Top