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Wills & Trusts Law Reports | Web Only

Re Lehman Brothers Intl (Europe) [2010] EWCA Civ 917

Wills & Trusts Law Reports | October 2012 #123

Lehman Brothers International (Europe) (LBIE), an English unlimited company, was the principal European trading company in the Lehman Brothers group. LBIE entered administration on 15 September 2008. The administrators made several applications to the court for directions.

The issues on appeal concerned the application of chapter 7 of the Client Assets Sourcebook (CASS 7) issued by the Financial Services Authority (FSA). CASS 7 was intended to transpose the Markets in Financial Instruments Directive 2004/39/EC (MiFID) and its Implementing Directive into English law, under the FSA’...