Client Alert
| October 29, 2009
Prime Brokerage and Custodian Agreements after the Latest Lehman Case
Last week, the English High Court decided that certain assets held by Lehman Brothers International (Europe) (in administration) (LBIE) for prime brokerage customers were held by LBIE on trust for those customers. This means that such customers (predominately hedge funds) should get back their prime brokerage assets (subject to the identification and verification of the assets and the hedge funds), and that such assets will not be available to the unsecured creditors of LBIE.
For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383