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...
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