Now-defunct brokerage firm Lehman Brothers is set to give back $15.2 billion to hedge fund and bank clients four years after its collapse.
Bloomberg Businessweek reported that brokerage's trustee James Giddens won an approval from a bankruptcy judge Tuesday to put the money into a fund to pay back customers. Money left over will go to the general estate of the brokerage to pay Lehman’s other creditors, except the amount that Giidens is required to maintain.
Lehman Brothers collapsed in 2008 after its parent company filed for bankruptcy. Considered one of the biggest bankruptcies in U.S. history, Lehman had listed $639 billion in assets.