Lehman Brothers International client money return request dismissed

By Caroline Salls

Pittsburgh, Oct. 7 - Lehman Brothers International Europe's joint administrators' petition seeking the return of $1 billion of client money deposited with Lehman Brothers Bankhaus AG has been dismissed by the Frankfurt am Main Regional Court, according to a news release.

As a result of the dismissal, the joint administrators said the Bankhaus administrator's decision to reject the claims on behalf of Lehman Brothers International Europe clients for the $1 billion of client money stands.

The Lehman Brothers International Europe administrators said they plan to appeal the judgment.

If the appeal is not successful, the administrators said "there is a low likelihood of any financial recovery."

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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