Restructuring and Insolvency Transactions

This resources document provides links to key PLC legal updates, case reports and articles available to PLC Financial Services subscribers in relation to client asset issues arising from the administration of Lehman Brothers International (Europe) (LBIE), including links to the relevant key primary sources. It is not intended to be an exhaustive list of all PLC materials relevant to Lehman Brothers client asset issues. For more information on the work of the FSA, HM Treasury and other bodies on strengthening the UK client assets regime in response to the issues highlighted by the financial crisis and the collapse of Lehman Brothers, see Practice note, FSA reform of client assets regime (2008-11): thematic work and rules changes.

In this checklist, Karen Anderson, Partner, and Sarah Thomas, Senior Associate, in Herbert Smith Freehills' Financial Services Regulatory Group, and Patricia Horton, a professional support lawyer in that group, consider the Supreme Court's February 2012 judgment on the administrators' client money application in the matter of Lehman Brothers International (Europe) (LBIE): Re Lehman Brothers International (Europe) (in administration) [2012] UKSC 6. The judgment has a number of implications for firms that hold client money, as well as for firms that hold money with banks and other firms as clients themselves. For a summary and analysis of the key points of the judgment and its implications, see Article, Lehman client money judgment: Supreme Court upholds Court of Appeal decision.

In this article, Karen Anderson, Partner, and Sarah Thomas, Senior Associate, in Herbert Smith's Financial Services Regulatory Group, and Patricia Horton, a professional support lawyer in that group, consider the Supreme Court's February 2012 judgment on the administrators' client money application in the matter of Lehman Brothers International (Europe) (LBIE): Re Lehman Brothers International (Europe) (in administration) [2012] UKSC 6. The judgment has a number of implications for firms that hold client money, as well as for firms that hold money with banks and other firms as clients themselves. For a checklist of some practical points for firms to consider arising from the judgment, see Checklist: Practical points for firms following Supreme Court's Lehman client money judgment.