By Christopher Crosby (Oct 4, 2021, 4:42 p.m. BST) – Creditors fighting over £ 900million ($ 1.2 billion) left in the Lehman Brothers estate should be treated equally without separate subsidiaries having the priority over each other, the directors of the British bankrupt investment banking unit told an English appeals court on Monday.
Mark Phillips QC of South Square, a lawyer for a UK subsidiary of the ultimate US parent company of Lehman Brothers, told the Court of Appeal at a hearing that creditors’ claims should be treated equally when partitioning of the remaining assets of the investment bank’s European operations.
The administrators overseeing part of the liquidation of the bank’s European operations paid more than …
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