Lehman Claimant Lacks SIPA Customer Status, 2nd Circ. Says

By Ben Conarck (June 29, 2015, 4:55 PM EDT) -- The Second Circuit on Monday found that British investment manager CarVal UK Ltd. does not have customer status under the Securities Investor Protection Act to pursue $44 million in repurchase transaction claims from Lehman Brothers Inc., saying that the agreements did not create a fiduciary relationship....

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