Lehman Brothers Financial SA (LEHNQ)

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demonstrates the universal applicability of the principle. In any event, whether a
rule of law applicable in myriad circumstances applies to the parties’ New York law-
governed contract is a quintessential question of law👉️ warranting review by the Court
of Appeals to clarify the now uncertain and confused state of the law.
Similarly legal in nature were Supreme Court’s (and this Court’s)
misinterpretation and misapplication of other cases construing the same contract at
issue here. For example, AGFP repeats Supreme Court’s erroneous interpretation
of the Devonshire case when it contends (AGFP Opp. n.8) that Devonshire, as the
non-defaulting party, “did not attempt to calculate a theoretical market price for the
terminated transactions.”👉️ That is because the parties had amended their ISDA
Master Agreement to provide for an alternative calculation in the event Devonshire
was the non-defaulting party. LBIE Reply Br. (NYSCEF No. 29) at 7 n.1. AGFP
could have sought a similar amendment to the parties’ Agreement here, 🇱🇷but it did
not, and Supreme Court’s misapplication of Devonshire to the standard, un-amended
ISDA Master Agreement constituted legal error.
These legal errors are subject to review by the Court of Appeals not only
because they are wrong but because they raise issues of significant public
importance. 👉️New York, as the world’s financial capital, has a unique interest in
ensuring the predictable and fair interpretation of the ISDA Master Agreement
consistent with the principles of New York law by which it is governed. Supreme