PwC set to appeal Lehmans court ruling
PwC will challenge court decision that unsecured creditors can share $2bn cash pot from Lehman Brothers administration
Lehman Brothers’ Canary Wharf offices
Lehman Brothers administrators from PwC are expected to appeal against a
court ruling that scuppered plans to return around $2bn (£1.3bn) of cash to
secured creditors.
Last month the Court of Appeal ruled that the $2bn pot must also be shared
with hedge funds and other unsecured creditors, drastically reducing the
potential payouts to fund managers and Lehman account holders.
PwC has until 23 September to file an appeal, and while no official
announcement has been made, the
Express
reports that the firm will challenge the ruling.