UK Court Rejects Lehman European Asset Return Plan

Law360, New York (August 21, 2009, 2:31 PM EDT) -- A British court on Friday denied PricewaterhouseCoopers' bid to speed up the unwinding of Lehman Brothers Holdings Inc.'s European branch, ruling that it does not have jurisdiction over the plan.

Justice William Blackburne of the UK High Court said that he could not rule on the proposed scheme of arrangement, which PwC had designed to expedite the distribution of around $9 billion in client assets, because such a plan should only apply to creditors and not individual clients, according to a statement from PricewaterhouseCoopers.

The international...
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