How does the SIPC customer claims process work?
For a general overview of the SIPC liquidation process, visit SIPC’s website, http://www.sipc.org/. In the United States, liquidation of a broker-dealer is accomplished pursuant to a very detailed statute, the Securities Investors Protection Act (‘SIPA’). The statutory scheme calls for the appointment of a Trustee who conducts the liquidation and distribution of property under the auspices of a court proceeding. Accordingly, the Trustee will have the Court before whom a SIPC matter is pending approve its determination of customer property, as well as the amount and timing of partial and final distributions, among many other steps of the process. Upon commencement of a SIPC liquidation, the SIPC Trustee must publish notice and establish bar dates for the filing of claims in the liquidation case. Customer property is defined in the SIPA as all securities and funds held by the U.S. broker-dealer. In respect of Lehman Brothers Inc (‘LBI’) allowable customer claims are determined based on t
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