Sunday, 25 January 2015
Last updated 2 days 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.
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…