Update – Other Surplus Litigation – Case Management Conference and related Directions Order – 22 December 2016

On 7 September 2016, the Joint Administrators of Lehman Brothers International (Europe) (in administration) (“LBIE”) announced they had issued an application to Court for directions, pursuant to paragraph 63 of Schedule B1 of the Insolvency Act 1986, in relation to the treatment of claims received from Barclays Capital Inc (“BCI”) (the "Application").  

On 29 November 2016, a case management conference (the “CMC”) in respect of the Application was held before Mr Justice Hildyard.  The purpose of the CMC was to deal with issues concerning the procedural management of the Application going forward and to determine an application by Wentworth that it be added as a Respondent to the Application.

Further to the CMC, the Judge has approved a directions order (the “Order”). A copy of the Order can be found here. 

The Order provides for Wentworth to be joined as a Respondent, for certain issues to be stayed and sets down a timetable for the procedural steps in the Application. As matters currently stand, the trial of the Application is due to be heard in April 2018.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.