Saturday, 31 January 2015
Last updated 11 hours ago
Dec 27 2010 | 2:20am ET
GLG Partners has won the right to appeal a ruling that could cost it—and other clients of Lehman Brothers' prime brokerage—billions of dollars.
The U.K. Supreme Court granted the hedge fund, now part of the Man Group, the right to appeal a lower-court ruling from this summer, that would allow clients whose assets were not properly segregated by Lehman Brothers International to share in the pool. GLG and other clients who assets were properly segregated had won an earlier court battle with a ruling that only those clients with properly ring-fenced money should have access to a US$2.1 billion pool for prime brokerage clients.
GLG was opposed, and defeated in the U.K. Court of Appeal, by another hedge fund, CRC Credit Fund.
The Supreme Court also denied a bid by the Lehman estate to appeal another part of the Court of Appeal ruling.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…