Lehman Administrators Win Suit Over $7M Trade Error

Law360, London (September 9, 2019, 5:09 PM BST) -- A judge ruled Monday that Lehman Brothers’ European trading unit did not intend to transfer almost 23,000 Peruvian government securities to Exotix Partners LLP, agreeing with administrators for the investment bank that the broker should have flagged the $7 million error.

High Court Judge Robert Hildyard said that the administrators of Lehman Brothers International (Europe) are entitled to their claim for $9.3 million in damages against London-based Exotix. He found that the decision of Exotix’s board of directors to keep quiet and not disclose the trading mistake to the investment bank was a “departure from ordinary norms” and did not meet...

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