LAM Trade Finance Group II, a fund managed by a Jefferies unit in which the bank holds a minority stake, has secured a London High Court freezing order covering up to $499 million tied to iron ore trader Radiant World, its founder Pinkesh Nahar and Sapphire Minmetals. The fund began financing Radiant in 2021 with $35 million of exposure, which expanded to several hundred million dollars over four years. The order follows questions from lenders about the validity of financing documents and comes after Point Bonita, Jefferies’ invoice-financing private credit fund, stopped renewing Radiant’s credit lines following investor redemptions linked to the First Brands Group collapse. Radiant and Nahar deny wrongdoing, while Radiant and Sapphire say they are independent businesses. The case adds to Jefferies’ legal and reputational challenges after the bank disclosed $715 million of exposure to First Brands, which later filed for bankruptcy.