Lehman Bankruptcy Court's Swedbank Setoff Decision Affirmed by District Court | Practical Law

Lehman Bankruptcy Court's Swedbank Setoff Decision Affirmed by District Court | Practical Law

An update on a ruling by the US District Court for the Southern District of New York affirming the decision of the Lehman Bankruptcy Court that the swap safe harbor provisions of Bankruptcy Code sections 560 and 561 do not nullify the mutuality requirement of Bankruptcy Code section 553(a) for setoff under a swap agreement against a debtor in bankruptcy.

Lehman Bankruptcy Court's Swedbank Setoff Decision Affirmed by District Court

Practical Law Legal Update 7-504-2949 (Approx. 4 pages)

Lehman Bankruptcy Court's Swedbank Setoff Decision Affirmed by District Court

by PLC Finance
Published on 11 Feb 2011USA (National/Federal)
An update on a ruling by the US District Court for the Southern District of New York affirming the decision of the Lehman Bankruptcy Court that the swap safe harbor provisions of Bankruptcy Code sections 560 and 561 do not nullify the mutuality requirement of Bankruptcy Code section 553(a) for setoff under a swap agreement against a debtor in bankruptcy.