Posted by: youngragingbull | June 7, 2013

Lehman customers to receive full payout: Trustee

Institutional customers of Lehman Bro’s disintegrated brokerage unit will receive a complete payout of their claims, close to five years after the collapse of the investment bank, according to the trustee for the liquidation.

The distribution is possible because of settlements between Lehman Brothers units in the U.S. and U.K., according to the trustee, James Giddens, in a statement.

“The system to protect customer property worked, and that is good news for the former Lehman customers caught up in the bankruptcy who will now get all their property back,” Giddens said.

The trustee said that this deal paves the way for future distributions to general creditors, former employees, pension funds, institutions and banks.

Source: MW


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