LBI Settlement Agreement: <br />Application to the English High Court – 22/03/2013

In our communication dated 27 February 2013 we confirmed that the Trustee (the “Trustee”) for Lehman Brothers Inc. (“LBI”), Lehman Brothers International (Europe) (“LBIE”) acting by the Joint Administrators and the Joint Administrators had entered into an agreement (the “Settlement Agreement”) settling the intercompany claims between LBI and LBIE. The Settlement Agreement is subject to approval by the U.S Bankruptcy Judge in the LBI Securities Investor Protection Act (SIPA) proceedings, the Honourable James M. Peck, and an order of the English High Court.

The Trustee filed motions seeking the approval of the Settlement Agreement with the U.S Bankruptcy Court on 26 February 2013 and a hearing in respect of these motions is scheduled to take place on 16 April 2013.

In this communication, we are pleased to announce that the Joint Administrators have issued an Application to the English High Court for directions to cause LBIE to perform its obligations under the Settlement Agreement. A copy of this Application Notice is available here.

The hearing in respect of the Application is listed to take place on 1 May 2013 and leading counsel on behalf of LBIE and the Trustee are expected to appear. If you would like a copy of the witness statement accompanying the Application or you wish to participate in the Application or require any other information, please send an email to generalqueries@lbia-eu.com. Any future updates relevant to the Application will be published on this website.