WSJ – A U.K. Court of Appeal ruled in favor of hedge funds that maintained their client money, held in the main European arm of Lehman Brothers Holdings Inc., wasn’t properly protected when the investment bank collapsed.
The development is the latest aspect of the complex effort to return cash and other assets to Lehman’s clients after the bank failed in September 2008. Lehman’s bankruptcy, with more than $600 billion in total assets, ranks as the largest U.S. corporate failure.
