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From Komfie Manalo, Opalesque Asia:

The High Court of Hong Kong last Friday ordered Lehman Brothers Asia Ltd., to disclose records to the Securities and Futures Commission (SFC) in connection with its investigation of the offer and marketing of Minibonds.

The Honorable Justice Barma also ruled that Lehman Brothers must pay the SFC’s costs in bringing an application before the High Court.

In June, the SFC sought the High Court's help to order Lehman Brothers to comply with an SFC Notice to produce all documents relating to the assessment of Minibonds by an internal Lehman Brothers committee called the New Product Review Committee. The SFC believes the New Product Review Committee oversaw or approved products like the Minibonds and that these documents are relevant to its investigation.

Lehman's liquidators had earlier rejected the SFC notice to produce contents of the 17 documents in their entirety on the grounds that those documents were the subject of a claim of legal professional privilege because a member of the New Product Review Committee was an in-house lawyer at Lehman Brothers.

But the SFC argued that the entire contents of the 17 documents could be the subject of a valid claim of legal professional privilege and b......................

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