Deutsche Bank succeeds in landmark appeal on the interpretation of competing subordinated debts in the Lehman Group and the effect of guarantee payments in an insolvency
On 20 October 2021, the Court of Appeal (Lewison, Henderson and Asplin LJJ) handed down its judgment ([2021] EWCA Civ 1523) in a landmark case concerning how a surplus (estimated to be between £800 million and £1 billion) should be divided among the subordinated creditors in the administrations of LB Holdings Intermediate 2 Ltd and Lehman Brothers Holdings PLC.