Page last updated at 18:05 GMT, Tuesday, 29 December 2009

Lehman administrators PwC repay $11bn to creditors

A man looks out the window at the Lehman Brothers headquarters in New York
More compensation could be on the way to people who lost their money

Administrators of the collapsed investment bank Lehman Brothers have agreed a plan to return $11bn (£6.9bn) to former investors.

PricewaterhouseCoopers (PwC) said more than 90% of affected investors - with assets still locked in Lehmans - had agreed to the deal.

PwC is responsible for winding down the Lehman Brothers' European operations.

It held $32bn of client assets when it collapsed at the height of the banking crisis in September 2008.

Since then $13.3bn has already been returned to investors, who are mainly large hedge funds and investment companies.

The agreement forms part of an attempt to speed up the administration of Lehmans. PwC had warned previously that it could take a decade or more to wind up the bank's European operations.

Print Sponsor

'Decade' to wind up Lehman Europe
14 Sep 09 |  Business
Lehman investors demand action
14 Sep 09 |  Business
FSA acts on Lehman-backed product
14 Sep 09 |  Business

The BBC is not responsible for the content of external internet sites

FT Adviser Duffield unveils Brompton Asset Management 31.12.2009 - 38 mins ago
Financial TimesIcelandic parliament approves Icesave bill - 49 mins ago
CNN Money 3rd UPDATE: Rusal To Raise Up To $2.59 Billion In Hong Kong IPO - 50 mins ago
Observer Politicians of the decade: Vincent Cable - 1 hr ago
Boston Globe Mortgage giants Fannie, Freddie too big to shrink - 6 hrs ago
* Requires registration

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific