Court Tosses Lehman Prime Brokerage Appeal

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.


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...