PwC set to appeal against Lehman Bros decision
Last week we covered the situation regarding Lehman Bros and the multibillion pound settlement which is currently outstanding and moving very slowly. PwC, acting on behalf of creditors of the company, made a direct request to the UK courts to intervene in the process and speed up the repatriation of funds from the European division. There are still billions of dollars of assets held in bank accounts which are waiting to be shared out among creditors and customers.
While there is no question that these funds will be available to customers and creditors at some stage, there has been some controversy regarding the role of the US government and the fact that the US parent company had repatriated billions of dollars of funds just prior to the collapse. The UK courts suggest that they have no authority over their European counterparts and as such refused to rubberstamp an appeal to speed up the repayment process.
However, today we saw protests in Hong Kong from Lehman Bros bondholders and PwC looks set to announce that an appeal against the UK court decision will go ahead in the short term. Whether they will be able to overturn the original decision very much remains to be seen.
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