PracticeAuditPwC fine-tuning $100bn clawback claim

PwC fine-tuning $100bn clawback claim

Administrators putting finishing touches on legal proceedings

UK administrators of Lehman Brothers from PwC are lining up claims of up

to $100bn (£61bn) against the US parent.

The firm is working on behalf of more than 100 European Lehman arms to
establish what is due from the American company.

The Lehmans global network operated with a central treasury function,
which saw all cash go back to the parent, before being redistributed.

The collapse of Lehman Brothers last year destroyed this process, and
the firm has been making efforts to claw back the cash it believes is
owed.

A large number of claims relate to financial guarantees the US parent
made to its subsidiaries.

Administrators PWC have until a September 22 deadline to make their
claims, the AFP reported.

‘We’re dealing with a large number of entities and therefore the claims
could be as much as 100 billion dollars (70 billion euros),’ a PwC
spokeswoman told the media outlet.

‘These claims are exceptionally complex and we anticipate a large amount

of further work in dealing with these claims.’

Further reading: Lehman’s European units
prepare $100 bln claims

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