English High Court rules on correct interpretation of disputed debt trade concluded by oral agreement

In Lehman Brothers International (Europe) (In Administration) v Exotix Partners LLP [2019] EWHC 2380 (Ch), Mr Justice Hildyard in the English High Court, gave judgment on the correct interpretation of a disputed debt trade, concluded by way of oral agreement. The Court found in favour of LBIE’s primary argument that the trade, properly construed, was for a low value position and that, accordingly, LBIE had delivered to Exotix securities of a greater value than it was required to.