Update – Other Surplus Litigation – Position Paper of the Joint Administrators of Lehman Brothers International (Europe) (in administration) (“LBIE”) – 25 January 2017

On 7 September 2016, the Joint Administrators of 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.   

On 20 January 2017, in accordance with the Order of the Court sealed on 16 December 2016, the Joint Administrators of LBIE filed their position paper setting out their position in respect of the initial issues only.  A copy of the position paper can be found here.  

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