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Monday, 16 January 2017

London court to hear £10bn Lehman v Lehman creditors’ claim

London court to hear £10bn Lehman v Lehman creditors’ claim:

"A £10bn claim by the administrators of Lehman Brothers’ European operations will come before London courts on Monday, more than eight years after the US investment bank collapsed. The case pits scores of businesses and thousands of former Lehman bankers, who claim they are still owed money, against the hedge funds and distressed debt investors that bought the investment bank’s European bonds after its collapse. Lehman failed in 2008 mainly because of its lack of liquidity but its European operations were well capitalised. Since then its senior unsecured creditors have received more than £35bn, and PwC, the administrator, is now looking at a potential surplus of between £7bn and £8bn to be distributed to creditors, who are still claiming missed interest and foreign exchange losses."

'via Blog this'