DLA Piper is advising Staalbankiers in a dispute over Lehman notes. On 25 June 2013, the Hague Court of Appeal dismissed claims from former accountholders for Lehman notes that had apparently lost all value.
In the judgment, the court remains, on principle, with its decision made earlier this year that even a professional player such as Staalbankiers could not have known by the end of 2007 that Lehman Brothers, a supervised, A-rated bank, would go into liquidation.
In addition, with reference to a decision from the KiFiD institute for financial dispute resolution, the court refuses to honour the argument that, generally, banks are allowed to invest no more than 30 per cent of an asset portfolio in notes of a single issuing party if that party is not an official investment institute as defined in the regulations.
With this decision, the Court of Appeal has provided parties in current and future disputes over notes guaranteed by, inter alia, Lehman Brothers with two important leads as to how the question of liability is to be approached.
Paul Hopman and Dennis Apperloo are advising Staalbankiers in this matter.