Lehman client money judgment: UK Supreme Court upholds Court of Appeal

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.

Herbert Smith LLP

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