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Contact with chambers should be made through the Practice Management Team. They are happy to discuss client requirements and provide further information on such matters as the expertise and experience of individual members, fees, working practices and languages spoken. We have members able to work in French, German, Italian, Spanish, Dutch, Swedish, Greek and Chinese (Mandarin).

Outside working hours, a member of our team is always available to be contacted on matters of an urgent nature. Contact should be made using the Chambers main number or email.

To contact our Singapore office, please contact our BD Director, Asia, Rachel Foxton. Out of office hours calls will automatically be diverted to our clerking team in London.

London

20 Essex Street
London
WC2R 3AL

enquiries@twentyessex.com
t: +44 20 7842 1200
DX 0009 Lond/Chan Lane

Singapore

28 Maxwell Road
#02-03
Maxwell Chambers Suites
Singapore 069120

singapore@twentyessex.com
t: +65 62257230

Contact

Contact with chambers should be made through the Practice Management Team. They are happy to discuss client requirements and provide further information on such matters as the expertise and experience of individual members, fees, working practices and languages spoken. We have members able to work in French, German, Italian, Spanish, Dutch, Swedish, Greek and Chinese (Mandarin).

Outside working hours, a member of our team is always available to be contacted on matters of an urgent nature. Contact should be made using the Chambers main number or email.

To contact our Singapore office, please contact our BD Director, Asia, Rachel Foxton. Out of office hours calls will automatically be diverted to our clerking team in London.

London

20 Essex Street
London
WC2R 3AL

enquiries@twentyessex.com
t: +44 20 7842 1200
DX 0009 Lond/Chan Lane

Singapore

28 Maxwell Road
#02-03
Maxwell Chambers Suites
Singapore 069120

singapore@twentyessex.com
t: +65 62257230

19/11/2010

Re the administration of Lehman Brothers (Europe)

This is an archived article, and some links may not work. Contact us if you have any questions.

The Joint Administrators of Lehman Brothers International (Europe) (In Administration) v (1) Lehman Brothers Finance SA: (2) Lehman Brothers Commercial Corporation Asia Limited: (3) Lehman Brothers Asia Holdings Limited: (4) Lehman Brothers Inc.: (5) Lehman Brothers Special Financing Inc.


In the latest chapter in the administration of Lehman Brothers, Briggs J today handed down judgment in the proceedings known as “RASCALS”.


RASCALS is a dispute between the principal London based Lehman entity (“LBIE”) and various Lehman affiliates worldwide, as to the ownership of securities which were subject to Lehman inter-company repurchase agreements and stock loans (known as the “RASCALS” process).


The court decided that: (i) after initial acquisition of the securities from the street they were beneficially owned by the affiliates, and not by LBIE; (ii) however, the effect of the RASCALS process was to transfer the beneficial title in the securities to LBIE; and (iii) therefore, upon the collapse of the group, the securities that had been made subject to RASCALS were beneficially vested in LBIE, and not the affiliates.


In deciding whether, after the initial acquisition, securities held in LBIE’s unsegregated house depots were held on trust for the affiliates, Briggs J reviewed the law on certainty of trusts, ultimately applying the much debated decision of the Court of Appeal in Hunter v. Moss [1994] 1 WLR 452.


Iain Milligan QC, Guy Morpuss QC and Socrates Papadopoulos acted for LBIE.


Click here for full judgment

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