The end of the Lehman Waterfall proceedings

Author: | Published: 28 Aug 2018

The landmark Lehman Brothers scheme has brought much-needed clarification on the determination and payment of statutory interest

The collapse of Lehman Brothers in September 2008 sent shockwaves through the global economy. The main European entity in the Lehman Brothers Group, Lehman Brothers International (Europe) (LBIE), entered UK administration on September 15 2008. In April 2014 LBIE's administrators declared a fourth dividend to creditors that would result in the full payment of all LBIE's unsecured claims, with a substantial surplus remaining of circa £7 billion ($8.9 billion approximately) for the payment of interest on such claims (statutory interest) and other, subordinated, liabilities....