Lehman settles $38bn of claims

REUTERS

Christie's employees pose for a photograph with a Lehman Brothers sign at Christie's in central London.

The brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said Friday they have agreed in principle to resolve litigation over $38 billion of claims, a step toward allowing customers and creditors some of their money.

Lehman Brothers Inc and Lehman Brothers International (Europe) announced the agreement in a joint statement. The accord requires approval by US Bankruptcy Judge James Peck in Manhattan, as well as by the English High Court.

In March, the Lehman parent company emerged from bankruptcy protection after 3-1/2 years in Chapter 11. - Reuters