Lehman Brothers International claims resolution supported by clients

By Caroline Salls

Pittsburgh, Dec. 30 - Lehman Brothers International Europe's joint administrators said the company's claims resolution agreement has become unconditional with the support of more than 90% of affected clients, according to a news release.

The joint administrators said they expect to begin distributions under the claims resolution agreement shortly after the March 19 bar date.

"The CRA now provides an agreed basis on which to systemically settle clients' claims and reunite them with their assets," joint administrator Steven Pearson said in the release.

"The implementation of the CRA illustrates the flexibility afforded to myself and my fellow LBIE administrators under U.K. insolvency law and, in particular, the ability to develop practical solutions in consultation with the market."

According to the release, the claims resolution agreement is a multilateral contract between Lehman Brothers International Europe and its clients, which governs the basis on which the assets can be returned.

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 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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