US bankruptcy judge rides roughshod over Isda docs

By Mike Peterson

A US bankruptcy court's ruling over a disputed interest rate swap may have repercussions for cases involving Lehman CSOs

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TAGS: Law suits

Comment by: Anonymous. Posted 14 years ago [2009-09-23 22:27:43]

There have been several other "interesting" judgements by Peck recently, including one where he ordered Lehman and all its counterparties in over 900,000 derivative counterparties to go to mediation with the comment of "I want you to start writing checks". This was greeted with dismay by the counterparties (and no doubt with glee by Lehman) as Weil Gotshal and Manges (lawyers for Lehman) tactics seem to be to try to dispute everything and then seek a settlement to put an end to frivolous legal action. WGS of course have a bottomless pit of money from the Lehman estate, while everyone else is paying from their own pocket (and collectively also paying WGS as claimants to the Lehman estate). A lot is riding on Peck's decisions