Client Money Update - Update on Client Money held at Lehman Brothers Bankhaus AG - 22/07/2010

This update concerns the claim on behalf of LBIE clients for the return of US$1 billion of client monies deposited with Lehman Brothers Bankhaus AG ("Bankhaus") prior to the date of Administration.

On 22 December 2009, the Joint Administrators filed a petition at the Frankfurt am Main Regional Court, Germany claiming the US$1 billion plus interest be returned to LBIE by Bankhaus.

As mentioned in our update of 16 February 2010, the Joint Administrators attended the first oral hearing at the Frankfurt Courthouse on 6 July 2010.

An English translation of the court transcript is available here.

Bankhaus was granted a deadline of 8 weeks to 31 August 2010 in which to submit further written argument. A second oral hearing has been scheduled for 10am on 7 October 2010. Further updates on the progress of the claim will be communicated in due course.