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Clifford Chance

Clifford Chance


Discretion and Loss

25 February 2019

The question of how much latitude a Non-defaulting Party has when calculating Loss under the 1992 ISDA Master Agreement is considered in the judgment in Lehman Brothers Finance AG (in liquidation) v (1) Klaus Tschira Stiftung GmbH (2) Dr H C Tschira Beteiligungs GmbH & Co KG [2019] EWHC 379 (Ch), handed down on 22 February 2019.

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