Law360, New York (December 16, 2009, 5:19 PM EST) -- Clients with roughly $1.1 billion in claims against Lehman Brothers International (Europe) whose assets were not segregated may be out of luck, as a U.K. court has ruled that the troubled financial institution does not have to add money to a $1 billion segregated client fund to cover those claims.
The U.K. High Court handed down its judgment on several questions brought by Lehman's European administrator PricewaterhouseCoopers LLP on Tuesday, the auditor said.
PwC had sought the court's advice in early May on how to handle...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.