UK Appeals Court Shuns PwC Plan For Lehman Assets

Law360, New York (November 6, 2009, 1:00 PM EST) -- A British appellate court has rejected PricewaterhouseCoopers' plan to speed up the unwinding of Lehman Brothers Holdings Inc.'s European branch and distribute the assets to creditors, upholding a decision by a lower court.

Justices Nicholas Patten and Andrew Longmore of the England and Wales Court of Appeal ruled Friday that the lower court had been right to find that PwC's so-called scheme of arrangement fell outside of its jurisdiction because it released Lehman from obligations to clients whose money it was holding for their benefit, rather...
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