Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings PLC & Ors [2021] EWCA Civ 1523

In the Court of Appeal on 20 October 2021 Lexa Hilliard QC and Tom Roscoe (instructed by Charles Russell Speechlys LLP) after a 5 day hearing successfully overturned the judgment of Mr Justice Marcus Smith of 24 July 2020.

This was one of the last cases arising out of the collapse of Lehman Brothers. The case concerned the ranking of subordinated debt in the administrations of two Lehman companies.

The Court of Appeal allowed the appeal of LB GP No 1 Limited and held that the subordinated debt owed to LB GP No. 1 Limited by Lehman Brothers Holdings PLC ranked for payment before the subordinated debt owed to Lehman Brothers US parent company, Lehman Brothers Holdings Inc.

To read the full judgement, please click here