Lehman Brothers collapsed 20 months ago now, but a number of hedge fund clients have still not received back assets that had been posted with the firm as part of securities financing and derivatives transactions.

As administrators trawled through the wreckage of Lehman Brothers International (Europe) (LBIE), a myriad of weaknesses in the prime brokerage model became clear, specifically relating to segregation of client assets. For one thing, it was excruciatingly difficult to clearly identify

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