UK Supreme Court Lehman Client Money Decision

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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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Published In: Bankruptcy Updates, Civil Remedies Updates, Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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