LBIE and Lehman Brothers Securities Asia Limited (in liquidation) (LBSAL) have recently concluded the final elements of their settlement and this combined with the resolution of the Security Interests proceedings in Hong Kong will facilitate the return of assets that each holds for the other. A subset of the assets due back to LBIE are held on behalf of LBIE’s clients and LBIE would like to return these assets in a timely manner following their receipt.
LBIE will shortly issue statements to clients with trust claims in respect of the assets (for CRA clients the statement will also include a CAN).
To expedite the asset distribution process, clients are strongly encouraged to review these documents and contact LBIE if any discrepancies are noted.
Clients will also be notified if:
We expect to receive the majority of the assets during the next four weeks and arrange for their onward distribution shortly thereafter pursuant to the terms of the CRA (where relevant) or otherwise by agreement.
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Lehman Brothers filed for bankruptcy in the US courts on 15 September 2008. PwC were appointed as administrators, on the largest insolvency in history.
Omnibus Trust, Affiliates, Client Assets and Client Money archive folders can be found here.
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