Lehman Bankruptcy Court Rules on Right to Withhold Payment Under ISDA Master Agreement
James Cain, Mark D. Sherrill and Doyle Campbell - Sutherland Asbill & Brennan LLP
December 7, 2009
On September 17, 2009, the U.S. Bankruptcy Court for the Southern District of New York granted Lehman Brothers Special Financing Inc.’s (LBSF, and collectively with its affiliates, Lehman) Motion to compel performance of Metavante Corporation’s (Metavante) obligations under an executory contract and to enforce the automatic stay (the Motion).1 The Order2 requires Metavante to make all payments to LBSF
required under the ISDA Master Agreement (Master Agreement) between the parties, including payments suspended as a result of the bankruptcy filing, together with default interest on such payments.
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