Lehman Brothers International, Lehman Brothers Japan exchange assets

By Caroline Salls

Pittsburgh, Dec. 17 - Lehman Brothers International Europe's joint administrators reported on Thursday that a bilateral exchange of custody assets has occurred between Lehman Brothers International and Lehman Brothers Japan Inc.

Specifically, about $1 billion of assets was passed to Lehman Brothers International from Lehman Brothers Japan, and about $1 billion was passed to Lehman Brothers Japan from Lehman Brothers International.

According to a news release, this significantly increases the client asset pool under the joint administrators' control.

The client assets that were part of the exchange will be returned to trust asset claimants under a claims resolution agreement, the release said.

The administrators said the exchange will preserve value for both estates.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15, 2008. Its Chapter 11 case number is 08-13555.

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