Court Approves Lehman Brothers’ Exit Plan

0 Shares

NEW YORK, Aug. 30 (UPI) — A bankruptcy court judge in New York praised attorneys involved and approved a plan to return $65 billion to Lehman Brothers’ creditors.

There are 110,000 creditors involved in the Lehman Brothers case. They will have 60 days to vote on the plan that Judge James Peck said included work by attorneys that “borders on miraculous,” The New York Times reported Tuesday.

The case involves one of the largest New York investment banks, Lehman Brothers, that collapsed in September 2008. Its bankruptcy was a significant catalyst in the financial crisis with Lehman Brothers becoming an instant symbol of the financial fiasco that shook the largest banks in Europe and the United States.

Lehman Brothers said it plans to make payments to creditors early in 2012 if the plan is approved.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.