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11 Feb 2011 14:25
The Seoul Southern District court has today handed down its judgement in the matter of the KRW300 billion credit-linked note (CLN) issued to KIS by Lehman Brothers Treasury Company BV (‘LBTC’) and guaranteed by Lehman Brothers Holdings Inc (‘LBHI’). TrueFriend the 4th Securitization Specialty Co., Ltd. (an assignee from KIS) sued LBIE for the principal and interest of the CLN totalling in excess of KRW 350 billion.
The judgment has found in favour of LBIE on the basis that TrueFriend does not have the right to claim against LBIE under the CLN because LBIE was not a party to any contract by which LBIE became obligated to pay principal and interest on the CLN. The administrators welcome the court's judgement which will now enable them to continue with the orderly wind-down of LBIE and return of assets to creditors in a timely fashion.
ENDS
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