Simmons scores first Lehman hedge fund claim

Simmons scores first Lehman hedge fund claimA team from Simmons & Simmons is advising hedge fund RAB Capital on the first of what is expected to be a series of cases against the European administrators of Lehman Brothers.

Financial litigation partner Robert Turner (pictured) is leading the team that is looking to recover £22bn of assets that were frozen when the bank went in to administration. Simmons has instructed Simon Mortimore QC and Andreas Gledhill of 3-4 South Square, which has scooped instructions on both sides of the case.

Linklaters, acting for the administrators PricewaterhouseCoopers, has instructed William Trower QC and Daniel Bayfield of 3-4. Linklaters partners John Turnbull and Euan Clarke are working on the case.

RAB Capital is a longstanding client of Simmons although the hedge fund turned to Nabarro for its work on the Northern Rock saga. Simmons is now advising the majority of its many hedge fund clients on the fallout and possible litigation arising from last week’s momentous events.

RAB Capital had applied to the court for its application to be speeded up but on Monday (22 September), the court decided that if RAB was allowed to proceed with its claim there could be a stampede of claims, which could undermine the litigation process.