The Lehman Brothers International (Europe) (In Administration) ("LBIE") client money litigation has generated significant interest. It deals with fundamental issues concerning the protections given by financial institutions to their clients. The decisions of the High Court and Court of Appeal on LBIE were keenly followed by the market. Certain key points were appealed to the UK's highest court, the Supreme Court (previously the House of Lords), which handed down its judgment this week. The case is of great interest not only for the Lehman creditors but also for those with interests in the MF Global administration, and more generally for customers who are concerned about assets that they place with financial institutions.
View full memo, "Pivotal UK Supreme Court Ruling on the Protection of Client Monies"