PwC, the administrators in the Lehman Brothers administration in the UK, have made several applications to the Court seeking directions on their approach to the distribution of clients' money and assets. On 29 February 2012 the Supreme Court gave judgment on issues that are central to the interpretation and application of the rules for the protection of client money made by the Financial Services Authority. The issues raised are ones that have divided judicial opinion. The Supreme Court by a majority of 3 to 2 upheld the decision of the previous appellate court and disagreed with the rulings of Briggs J, the judge assigned to the Lehman administration. The court process, that has taken nearly three years to complete, may yet require further applications in order to obtain clarity on the precise directions that the administrators should follow.
This client insight provides a detailed summary of the judgement and its impact.
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© 2012 White & Case LLP