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How are the LBI Trustee and the Joint Administrators resolving LBIE Customer claims?

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How are the LBI Trustee and the Joint Administrators resolving LBIE Customer claims?

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On 27 January 2009 LBIE entered into an agreement with the LBI Trustee and SIPC regarding the claims process. As envisaged in this agreement LBIE and the Trustee are currently negotiating a bilateral protocol to agree the detailed practical steps that will be taken to resolve LBIE Customer claims. The Joint Administrators and their staff have developed a close working relationship with the Trustee and the professionals working for him. There are teams working in parallel to reconcile positions shown on LBIE’s records against those shown on LBI’s records. This is complicated by the differences in the dates on which the Administration commenced in the UK (15 September 2008) and the SIPC proceeding commenced in the United States (19 September 2008).

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