Cases & Deals

Lehman Brothers resolves action involving foreign exchange transactions

Client(s) Lehman Brothers Holdings Inc.

Jones Day represented Lehman Brothers Holdings Inc. and Lehman Brothers Commercial Corporation in connection with the settlement of all claims relating to foreign exchange transactions between Lehman Brothers, on the one hand, and Aberdeen Asset Managers Ltd and over sixty Aberdeen affiliated and non-affiliated managed funds (collectively “Aberdeen”), on the other.

The dispute centered around Aberdeen’s purported termination of various FX transactions that were favorable to Lehman during the gap between Lehman Brothers Holdings Inc.'s bankruptcy and the bankruptcy filing of its affiliate, Lehman Brothers Commercial Corporation.

A cross-practice team of banking and finance, litigation, and restructuring lawyers from Jones Day London and New York challenged the termination of the FX trades and engaged with Aberdeen in New York bankruptcy proceedings and in pre-litigation mediation.