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Re Lehman Brothers International (Europe)
''Re Lehman Brothers International (Europe)'' () (UKSC 6 ) is an English trusts law and UK insolvency law case, concerning the certainty of subject matter to create a trust.
==Facts==
Lehman Brothers International (Europe) was the UK subsidiary of Lehman Brothers Holdings Inc, the US parent that had gone in Chapter 11 bankruptcy proceedings. It had held money on behalf of many clients, including some affiliates of Lehman. The client money rules of Financial Services Authority were in the Client Assets Sourcebook, chapter 7, issued under the FSMA 2000 section 138. FSMA 2000 section 139 permitted FSA rulemaking for ‘clients’ money being held on trust in accordance with the rules’, and accordingly CASS 7.7.2R said that client money was to be held on trust for the purpose of the client money rules. If a firm failed, the client money distribution rules in CASS 7.9 applied. But under CASS 7.4, a firm could either (1) pay money into a segregated account or (2) put the money into the firm’s own house accounts and then segregate it into client accounts at the close of the preceding day’s business. Lehman had done the alternative approach in (2). On 15 September 2008, Lehman went into administration, a ‘primary pooling event’ under CASS 7, so the funds in each ‘client money account’ were to be treated as pooled and then distributed so that each client received a sum rateable to their ‘client money entitlement’. The administrators asked the High Court for directions under the Insolvency Act 1986 Schedule B1, about how to apply CASS 7 to the client money that Lehman held. There was a lot of unsegregated client money in the firm’s house accounts because of the operation of the alternative approach, and also significant non-compliance of Lehman with CASS 7 over a long time.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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