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Guy Dempsey Quoted in Risk.net Article on Lehman v. Moore Swaps Safe Harbor Showdown

Firm News | March 11, 2015

Futures and Derivatives partner Guy Dempsey is quoted in an article about a case in which Lehman Brothers claims that hedge fund Moore Capital misused a bankruptcy safe harbor for swaps in 2008 to cut $20 million from the sum it owed the bank. Speaking about a prior Lehman case in which the US Bankruptcy Court for the Southern District of New York ruled that the safe harbor did not protect technology company Metavante when it suspended its derivatives payments to Lehman rather than terminating the swaps, Guy notes that Lehman is adept at using favorable interim court rulings to further its goals. He adds, "I think a lot of people disagreed with the judge’s ruling in Metavante, but it is on the record and, since Lehman settled with Metavante before the ruling was reviewed on appeal, they were able to preserve that precedent for use against creditors in other cases." ("Lehman v. Moore in Swaps Safe Harbor Showdown," March 10, 2015)

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