Client Money Update - Update on Client Money held by Lehman Brothers Bankhaus AG - 16/02/2010

This update concerns the claim on behalf of LBIE clients for the return of US$1 billion of client monies deposited with Lehman Brothers Bankhaus AG ("Bankhaus") prior to the date of Administration.

As mentioned in our update of 23 October 2009, the Joint Administrators were looking to challenge the decision by the Bankhaus Administrator to reject the claim for recovery of the client monies.  On 22 December 2009, the Joint Administrators filed a petition at the Frankfurt am Main Regional Court, Germany claiming the US$1 billion plus interest be returned to LBIE by Bankhaus.   

Notice has now been received from the Court that the claim has been served on the Administrator of Bankhaus as defendant, and the first oral hearing has been scheduled for 9.15am on 6 July 2010 at the Frankfurt Courthouse.  The defendant was granted a deadline of four weeks from 8 February 2010 in which to respond.

Further updates on the progress of the claim will be communicated in due course.