Simmons & Simmons has advised hedge fund RAB Market Cycles Fund on the latest dispute in the Lehman Brothers bankruptcy saga. Simmons acted for RAB in relation to the status of post-administration cash derived from securities received by the failed bank after it went into administration. As a result of the ruling handed down today (21 October), City hedge funds could now see the money returned to the beneficiaries rather than falling into the general estate. RAB successfully argued that the post-administration cash held by Lehman as custodian was held on trust, and therefore under Financial Services Authority regulations should not fall into Lehman's general estate.
October 21, 2009 at 10:35 AM
1 minute read
The original version of this story was published on Legalweek
Simmons & Simmons has advised hedge fund RAB Market Cycles Fund on the latest dispute in the Lehman Brothers bankruptcy saga.
Simmons acted for RAB in relation to the status of post-administration cash derived from securities received by the failed bank after it went into administration.
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