The Supreme Court gave judgment today in Re Lehman Brothers International (Europe) (In Administration) [2012] UKSC 6 (on appeal from [2010] EWCA Civ 917). A summary of the judgment is available here (pdf). One of the issues before the court was the time at which the statutory trust under the FSA Handbook (Client Assets, rule 7.7.2R) arose: was it when funds were received or when they were placed in a segregated client account? The court unanimously held that it arose on receipt.Wednesday, 29 February 2012
UK: Supreme Court judgment in Lehman Brothers - client money
The Supreme Court gave judgment today in Re Lehman Brothers International (Europe) (In Administration) [2012] UKSC 6 (on appeal from [2010] EWCA Civ 917). A summary of the judgment is available here (pdf). One of the issues before the court was the time at which the statutory trust under the FSA Handbook (Client Assets, rule 7.7.2R) arose: was it when funds were received or when they were placed in a segregated client account? The court unanimously held that it arose on receipt.
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