NDFA and DRL plunge into administration on Lehman liabilities

NDF Administration (NDFA) and Defined Returns Limited (DRL), UK structured products distributors and plan managers, have entered into administration.

The move comes at the request of their directors, and the firms announced the news in a statement released by appointed administrator Grant Thornton today.

The decision has been taken in recognition of "large contingent liabilities within the companies", the statement said. These have arisen from the distribution of structured products underwritten

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