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09 Apr 2010
The administrators of Lehman Brothers European arm are hoping to settle with about 500 of the collapsed bank's smallest creditors.
In a statement, Lehman's European administrators, partners at PricewaterhouseCoopers, said they hope to pay out $1m (£660,000) to settle claims by some of the bank's smallest clients during the next four months.
Andrew Clark, partner at PricewaterhouseCoopers, who leads the team managing client money matters, said this was a step toward helping small creditors.
‘In line with the good progress being made across the Administration, this is a significant step to help smaller pre-administration client money claimants reach finality in their claims. At the same time it will materially reduce the costs associated with dealing with client monies for the benefit of all Lehman Brothers International Europe creditors.’
Further reading: Lehman administrators consider damning report
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