CRC Credit Fund & ors v GLG Investments & ors WTLR(w) 2010-07

WTLR Issue: Web Only

CRC Credit Fund Ld

Lehman Brothers Inc

Lehman Brothers Finance AG

Lehman Brothers Holdings Inc

V

GLG Investments Plc Sub-Fund: European Equity Fund

Hong Leong Bank Berhad

Analysis

Ownership of client funds, trust law, insolvency law, client money, segregation of client money

Judgment Lady Justice Arden: 1. This appeal addresses important issues concerning the ownership of client funds held by Lehman Brothers International (Europe) (“LBIE”) at the date of its entry into administration. Those funds were subject to a statutory trust imposed by Chapter 7 of the Client Asset Sourcebook, known as “CASS7”, made under section 139 …
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