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.



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