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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Lehman Clients to Receive Money Back

Jun 09, 2013
Jing Chen

Defunct brokerage Lehman Brothers’ hedge fund clients are set to get back all of their money from the bank.

Lehman trustee James Giddens said in a statement Friday that final distributions for the brokerage bank’s institutional customers, including hedge funds and banks, began that day and was “made possible” by a three-way settlement between himself,  the Lehman holding company and Lehman’s U.K. unit.

110,000 retail customers received their money back weeks after Lehman’s 2008 collapse with more than $92 billion in distributions. The addition of current distributions of institutions customers would bring the total to more than $100 billion.

Giddens also said in the statement that the team “have overcome enormous complexities and unprecedented legal challenges to meet the goal of 100% distribution to customers.”

Lehman’s collapse remains the largest bankruptcy filing in U.S. history.

Source: 

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