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Sutherland Alert: U.S. District Court Affirms Lehman Ruling Raising Concern on Cross-Affiliate Netting

by Paul Turner and Mark Sherrill A recent opinion by the U.S. District Court for the Southern District of New York affirms a 2010 ruling by the Lehman Brothers bankruptcy court, which rendered certain netting and setoff provisions unenforceable in bankruptcy. The core holding - that a counterparty...