Tuesday, 23 September 2014
Last updated 1 hour ago
Nov 11 2009 | 10:27am ET
For the second time, a British court has rejected a plan that could speed the return of prime brokerage assets to Lehman Brothers customers.
The U.K. Court of Appeal rejected an appeal from Lehman Brothers International Europe administrator PricewaterhouseCoopers, upholding a lower court ruling that held it didn’t have the jurisdiction to force the plan on unwilling bondholders.
PwC had argued that a “scheme of arrangement” would help expedite the return of hundreds of millions in prime brokerage assets that have been frozen in the case. The firm’s Steven Pearson said the appeals court ruling “restricts the options available to the administrators for the return of client assets,” but added that PwC would now implement its backup plan, which is a contractual version of a scheme of arrangement that does not require judicial sanction.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.