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IN RE LEHMAN BROS. INC.

Docket No. 14-3686.

808 F.3d 942 (2015)

In re LEHMAN BROTHERS INC. ANZ Securities, Inc.; BMO Capital Markets Corp., f/k/a Harris Nesbitt Corp.; BNY Mellon Capital Markets, LLC; Cabrera Capital Markets, LLC; BNP Paribas FS, LLC, as successor in interest to Fortis Securities, LLC, f/k/a Fortis Investment Services, LLC; National Australia Bank, Ltd.; SunTrust Robinson Humphrey, Inc.; The Williams Capital Group, L.P.; DNB Markets, Inc., f/k/a DnB Nor Markets, Inc.; nabSecurities, LLC, Appellants, v. James W. Giddens, as Trustee for the SIPA Liquidation of Lehman Brothers Inc., Trustee-Appellee.

United States Court of Appeals, Second Circuit.

Decided: December 14, 2015.

Attorney(s) appearing for the Case

Luke A. Barefoot , Cleary Gottlieb Steen & Hamilton LLP, New York, N.Y. ( Mitchell A. Lowenthal , Peter Fox, on the brief), for Appellants.

James C. Fitzpatrick , Hughes Hubbard & Reed LLP, New York, N.Y. ( James B. Kobak, Jr. , Robert B. Funkhouser , Jordan E. Pace , Jason E. Zakai , on the brief), for Trustee-Appellee.

Before: WALKER, JACOBS, and LIVINGSTON, Circuit Judges.

In order to ensure that claims which are in essence claims corresponding to ownership of securities (debt or equity) are confined to their proper tier of the waterfall, Section 510(b) of the Bankruptcy Code provides generally that "a claim arising from rescission of a purchase...

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