Rascals: a settlement processes warning

Author: | Published: 14 Feb 2012
The recent Lehman Brothers Rascals case has offered two clear lessons: investment banks should revisit their settlement processes and investors must ensure they know who their counterparty is.

On December 21 2011, the Court of Appeal handed down judgment in Pearson and Ors v Lehman Brothers Finance SA and Ors

The case relates to Rascals (Regulation and Administration of Safe Custody and Global Settlement), a working group...