High Court rules on effect of section 2(a)(iii) of ISDA® Master Agreement | Practical Law

High Court rules on effect of section 2(a)(iii) of ISDA® Master Agreement | Practical Law

In Lomas and others (together the Joint Administrators of Lehman Brothers International (Europe) (in administration)) v JFB Firth Rixson, Inc and others and ISDA as intervenor [2010] EWHC 3372 (Ch), the High Court considered the effect of section 2(a)(iii) of the ISDA Master Agreement on the obligations of parties to a swap agreement, following an event of default.

High Court rules on effect of section 2(a)(iii) of ISDA® Master Agreement

Practical Law UK Legal Update Case Report 6-504-3690 (Approx. 8 pages)

High Court rules on effect of section 2(a)(iii) of ISDA® Master Agreement

by PLC Finance
Published on 06 Jan 2011 • England, Wales
In Lomas and others (together the Joint Administrators of Lehman Brothers International (Europe) (in administration)) v JFB Firth Rixson, Inc and others and ISDA as intervenor [2010] EWHC 3372 (Ch), the High Court considered the effect of section 2(a)(iii) of the ISDA Master Agreement on the obligations of parties to a swap agreement, following an event of default.
NOTE: this case was upheld by the Court of Appeal on 3 April 2012, see Legal update, Section 2(a)(iii) ISDA Master Agreement: Court of Appeal judgment on four appeals.