Lehman Brothers International (Europe) - in administration - 30 month progress update
April 14, 2011
The announcement said that key achievements to date included:
- A Consensual Approach for the agreement of unsecured claims has been launched and we are close to having issued the first 100 Claims Determination Deeds to creditors with an aggregate claims value of approximately £1.1bn.
- We have concluded a major change programme to achieve full independence of the IT and infrastructure service provisions from Nomura and BarCap.
- Our legal action to confirm ownership of various assets held by LBIE but claimed by affiliates (The 'RASCALS' litigation) was found in favour of LBIE at first instance.
- The appeal hearing in the UK Supreme Court of the Appeal Court judgement in relation to pre-administration Client Money is scheduled for October 2011.