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

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...