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Email On August 11, 2020, the United States Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman Brothers Special Financing Inc.’s (“LBSF”) attempt to recover nearly $1 billion in payments to noteholders and enforcing certain Priority Provisions (defined below) that subordinated payments otherwise payable to LBSF under related swap transactions. https://www.cadwalader.com/resources/clients-friends-memos/second-circuits-lehman-flip-clause-decision-continues-the-expansion-of-the-bankruptcy-code-safe-harbors