The failure of Lehman Brothers is now old news, although it will be a considerable time before the underlying legal issues are fully unravelled. The scale of the task involved in unwinding its affairs is unprecedented. This insolvency is by far the largest insolvency in history: in pure financial terms, Lehman Brothers is estimated to be more than six times the size of Worldcom, which was previously considered the largest corporate insolvency ever.
Sarah Worthington & Grainne Mellon, Statutory Rules, Common Law Rules and Public Policy in the Global Financial Crisis, 29 Penn St. Int'l L. Rev. 613 (2011).