A tangled web

One year on from the collapse of Lehman Brothers, administrators are still trawling through the complex web of special-purpose vehicles launched by the broker-dealer. A number of lawsuits have resulted - and the rulings could see US and UK courts at loggerheads. By Christopher Whittall

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Lehman Brothers' filing for Chapter 11 bankruptcy on September 15, 2008 has become a watershed in financial history. Few events have precipitated such drastic government action and expenditure of taxpayer money across the globe. The largest bankruptcy in corporate history - Lehman reported assets of $639 billion when it filed - also brought into focus many issues that weren't previously on the regulatory radar. Counterparty credit risk, for example, was propelled into the limelight when Lehman's

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