The court was asked as to the valuation of an investment fund at an inauspicious time, namely, shortly after the collapse of Lehman Brothers in September 2008. The shares in the fund had been ‘repackaged’ and were represented by financial instruments described as Variable Redemption Notes. Those Notes matured on 28 October 2008 on which date the Claimant said the First Defendant was obliged to pay a sum which represented the value of the shares. The Second Defendant was obliged to value the shares and valued them at nil and so the First Defendant paid nothing to the Claimant. The Claimant says the value of the shares was in excess of $20m.
Judges:
Teare J
Citations:
[2010] EWHC 2863 (Comm)
Links:
Jurisdiction:
England and Wales
Contract, Financial Services
Updated: 11 September 2022; Ref: scu.426867