Update - Waterfall I Application â Permission to Appeal to the Supreme Court of the United Kingdom â 5 November 2015

On 14 May 2015 the Court of Appeal handed down its judgment in the appeals against the decision of David Richards J dated 19 May 2014 (the “Judgment”).  The Order made by the Court of Appeal pursuant to the Judgment was posted on the website on 11 June 2015.  The Court of Appeal refused permission to appeal to the Supreme Court of the United Kingdom (the “Supreme Court”), with the consequence that any party wishing to appeal the decision of the Court of Appeal would need to seek permission to appeal from the Supreme Court itself.

Consequently, Notices of Appeal seeking permission to appeal to the Supreme Court were filed and served by:  

i. the Joint Administrators of Lehman Brothers Limited (in administration) (“LBL”), on 9 June 2015;
ii. the Joint Administrators of LB Holdings Intermediate 2 Limited (in administration) (“LBHI2”), on 10 June 2015; and
iii. Lehman Brothers Holdings Inc (“LBHI”), on 10 June 2015 (together the “Applications”).

On 23 June 2015, Notices of Objection were filed and served by:

i. the Joint Administrators of Lehman Brothers International (Europe) (in administration); and
ii. CVI GVF (Lux) Master SARL.

On 4 November 2015, the Supreme Court ordered that permission to appeal and permission to cross-appeal be granted. A copy of the order can be found here.

A hearing date has not been set for the appeal and will be communicated once known.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.