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Part II United Kingdom, 8 The Management and Distribution of LBIE’s Client Assets »

David Ereira OBE
From: Bank Failure: Lessons from Lehman Brothers
Edited By: Dennis Faber, Niels Vermunt
This chapter starts by introducing some background information and legal issues raised by the operation of the Lehman business in Europe. Dealing with client assets was an extremely complex and critical aspect of the entire administration in Europe and raised fundamental issues for the operation of the financial markets and the courts. In order to appreciate the scale and complexity of the issues involved it is necessary to put this aspect of the administration into both a factual and legal context. The chapter asks: why did LBIE, the main hub company for Lehman business in Europe, hold client assets? The chapter relates this to English trust law and trust law principles.