Lehman SPV trustee trapped by contrasting rulings

US and UK courts disagree over Lehman SPV clauses

The trustee for a string of Lehman Brothers structured finance transactions has been left in legal no-man's land following a US bankruptcy court ruling last week that directly contradicts a ruling handed down by UK courts in July 2009.

The rulings focus on the validity of so-called flip clauses written into trust deeds of transactions under the Dante Programme – a multi-issuer secured obligation programme established by Lehman Brothers International (Europe) in 2002. The flip clauses – common in

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