September 2010

Lehman Brothers – Financial Support Direction – Raquel Agnello QC & Tom Robinson.

 

The Pensions Regulator’s Determinations Panel (DP) has determined to issue a Financial Support Direction (“FSD”) under the Pensions Act 2004 to six companies within the Lehman Brothers group. These include the Group’s main operating companies in the UK (Lehman Brothers International (Europe), Lehman Brothers Europe Limited and Lehman Brothers Asset Management (Europe) Limited), and the Group’s US parent, Lehman Brothers Holdings Incorporated. The FSD was issued on 13 July 2010 in support of the Lehman Brothers Pension Scheme, currently in deficit in a sum of approximated £163 million.

Raquel Agnello QC and Tom Robinson of 11 Stone Buildings, and Jonathan Hilliard of Wilberforce Chambers, acted on behalf of the Pensions Regulator in this case, and appeared before the Determinations Panel for the contested hearing on 8-9 September 2010.

This decision follows the issue of the first Contribution Notice under the Pensions Act 2004 in May, in the case of Bonas, in which Raquel appeared for the Regulator. This was then followed by the issue of an FSD against 25 companies in the Nortel group in July of this year, where both Raquel and Tom acted for the Regulator.

Raquel is currently leading Tom on further cases for the Regulator which remain confidential at present. Philip Hinks has also worked for the Regulator in this fast growing area of law.

A copy of the determination in the Lehman case is available at: http://www.thepensionsregulator.gov.uk/docs/DN1772125.pdf. The reasons are not as yet available.