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Unprotected Lehman Brothers clients can claim money
1st March 2012
Marking an end to one of the most protracted disputes surrounding the fall of global financial services organisation Lehman Brothers in 2008, the Supreme Court has now decided to allow the clients of non-ring fenced hedge funds to claim back money that was deposited at the firm before the collapse.
Lord Hope, deputy president of the Supreme Court, ruled that it was only fair deposits not segregated by Lehman Brothers International Europe (LBIE) when they should have been were given the same treatment as those that were.
Robert Turner, who was a representative of the unprotected clients, explained that the result should help pave the way for Lehman’s administrators to eventually return all misplaced client money to its rightful owners.
The announcement will be of interest to the experts at legal recruitment agencies in London and those in the wider sector, as it may set a precedent and have a significant bearing on future investor protection cases.