UK court slaps down Lehman

A subsidiary of fallen Wall Street bank Lehman Brothers lost its final battle to overturn a key UK ruling over a swap dispute with Australian creditors in a decision dubbed a “game changer” by lawyers. The UK's supreme court unanimously upheld previous UK rulings that creditors should have priority in Lehman Brothers’ $2bn plus “Dante” programme of structured finance deals, which one judge described as “of a purgatorial complexity”.