Hedge Funds Win Access To $2B In Lehman Cash

Law360, New York (August 2, 2010, 6:28 PM EDT) -- Hedge funds whose accounts were not “ring-fenced” by Lehman Brothers Holdings Inc.'s U.K. unit prior to the investment bank's September 2008 collapse now have access to more than $2 billion in deposits following a Monday appeals court ruling in London.

The U.K. Court of Appeal said that hedge funds whose accounts were not properly segregated into specific “client accounts” with Lehman Brothers International Europe could have access to billions of dollars deposited with the company, according to a statement from PricewaterhouseCoopers LLP, LBIE's administrator.

The ruling...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.