Lehman Europe Takes German Unit To Court For $1B

Law360, New York (February 16, 2010, 4:49 PM EST) -- The European unit of Lehman Brothers Holdings Inc. has sued its German affiliate in a Frankfurt court to recover $1 billion in client funds it claims it deposited with Lehman Brothers Bankhaus AG before it became insolvent.

PricewaterhouseCoopers LLP, the administrator for Lehman Brothers International Europe, said Tuesday that Bankhaus has now been served with the complaint, which seeks the return of $1 billion deposited with the German unit before its insolvency proceedings in Frankfurt.

Those funds consisted of about half of the pre-administration client money...
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.