The UK High Court ruled on Dec. 15 that client money held by Lehman Brothers International Europe (LBIE) should be "distributed to clients for whom LBIE had segregated client money at the time of its administration".

In his judgement, Mr Justice Briggs observed that LBIE had failed to "identify as client money, and therefore also failed to segregate, vast sums received from or on behalf of a significant number of its clients."

• The High Court ruling