Lehman Prime Brokerage Case Goes To U.K. Supreme Court

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.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note