PwC dealt Lehmans payback blow by High Court

Administrators have conceded the High Court's refusal to endorse a plan which would have accelerated the return of assets to Lehmans creditors is a 'setback'. The scheme of arrangement wanted to modify certain rights of clients whose property is held on trust by Lehman Brothers International Europe. However, the High Court decided it had no jurisdiction to sanction a scheme which modified clients in this manner. Steven Pearson, joint administrator for LBIE, says: "The proposed scheme sought to significantly reduce the period clients have to wait before they get their assets back. ...