In Re: Lehman Brothers Inc.
| Lehman Brothers Inc. |
| ANZ Securities, Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Cabrera Capital Markets, LLC, DnB Nor Markets, Inc., BNP Paribas FS, LLC, nabSecurities, LLC, National Australia Bank Ltd., SunTrust Robinson Humphrey, Inc., The Williams Capital Group, L.P. and DNB Markets, Inc. (f/k/a DnB NOR Markets, Inc.) |
| James W. Giddens |
| 1:2014cv01987 |
| March 21, 2014 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Shira A. Scheindlin |
| Appeal |
| 28 U.S.C. ยง 0158 |
| None |
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Filing
15
OPINION AND ORDER: On September 19, 2008, Lehman Brothers Inc. ("LBI"), a registered broker-dealer and wholly-owned subsidiary of Lehman Brothers Holdings Inc. ("LBHI"), was placed into liquidation pursuant to the Securities Inves tor Protection Act of 1970 ("SIPA"), and James W. Giddens was appointed as SIPA trustee (the "Trustee"). Before the Court are three related appeals from two orders entered by Bankruptcy Judge James M. Peck in LBI's SIPA proce eding (the "Orders"). In relevant part, the Orders grant a motion and sustain an objection filed by the Trustee seeking to subordinate certain claims pursuant to section 510(b) of the Bankruptcy Code. The Bankruptcy Court found that subordi nation of the claims to the claims of general unsecured creditors was mandated under the plain language of section 510(b).... In sum, section 510(b) mandates the subordination of arising-from and contribution claims, provided such claims are based on securities of a debtor or an affiliate of the debtor. The level of subordination can be determined by reference to the type of claim or interest represented by such security e.g., secured, unsecured, common stock, or equity. In cases involving affil iate securities, the type of security dictates the level of subordination whether or not that security represents an actual claim in the debtor's case. For the foregoing reasons, the two Orders entered by the Bankruptcy Court are AFFIRMED. The Clerk of the Court is directed to close these appeals. SO ORDERED. (Signed by Judge Shira A. Scheindlin on 9/5/2014) (ja)
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