Clifford Chance
Transaction Services Newsletter June 2012
13 June 2012
EastEnders is a UK TV show whose logo features the “Isle of Dogs” where the Lehman Brothers’ London offices were located. Plot developments are absurd but entertaining; this article is to help you catch up, in case you missed an important twist. It’s the decision of
the UK Supreme Court in the neverending Lehman Brothers soap-opera of litigation on the “question of client money”. The problem, in a nutshell, is this: how can I be sure that a financial institution client who gives me cash collateral is giving me “clean” collateral which is not going to be whisked awayif the client defaults?
