On February 29, the UK Supreme Court handed down its decision upholding, in part unanimously and in part by a 3-2 majority, the Court of Appeal’s November 2010 decision in the LBIE client money case - Re Lehman Brothers International (Europe) (in administration).

The Supreme Court held unanimously that the statutory trust under the UK Financial Services Authority's client money rules arises at the time of receipt of monies required to be treated as client money.

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