NEW YORK (Reuters) - Lehman Brothers International (Europe), where more than $35 billion of hedge fund assets have been frozen since the bank's collapse last September, could return about $11 billion to fund managers by March if enough firms approve a new plan. PricewaterhouseCoopers <PWC.UL>, administrators for bankrupt Lehman's London-based unit, announced on Monday a proposal that would let hedge funds recover their assets held in custody by Lehman Brothers International (Europe), or LBIE... Read Full Story
On 20 November 2009 the Hong Kong Monetary Authority (HKMA) reported that it had suspended Ms Leung Wai Yu’s registration for three months from 20 November 2009 to 19 February 2010.
HKMA’s investigation found that in March 2006, Ms Leung, who at the time was an employee of DBS Bank (Hong Kong) Limited, in the course of selling a client Constellation Credit Linked Note, had:
failed to diligently disclose and explain to the client the product’s risk; and
failed to complete the risk... Read Full Story
NEW YORK (Reuters) - Bank of America Corp <BAC.N> is selling a claim with a face value of about $800 million that it holds against bankrupt Lehman Brothers Holdings Inc <LEHMQ.PK>, Bloomberg reported citing people familiar with the matter. Hedge funds are the likely buyers, Bloomberg said on Thursday, citing people who asked not to be identified because the transaction is private. Creditors from sovereign wealth funds to sports teams submitted more than 16,000 claims against Lehman before a... Read Full Story
NEW YORK (Reuters) - Lehman Brothers Holdings Inc <LEHMQ.PK> and its unsecured creditors asked a bankruptcy judge on Thursday to unseal court documents related to an investigation of the sale of Lehman's core U.S. assets to Barclays PLC <BARC.L>. Earlier this month, Lehman asked a judge to revisit the sale of Lehman's brokerage to Barclays Capital claiming that the British bank got an improper $8.2 billion "windfall profit" from excess assets it took control of in the September 2008 deal... Read Full Story
WILMINGTON, Delaware (Reuters) - A visit to the last major operating business of the once swaggering Wall Street firm Lehman Brothers feels a bit like entering a pawn shop. Customers dropping by the "main branch" of the former Lehman Brothers Bank must knock to catch the attention of staff, who then press a buzzer to unlock the glass doors to the office. The bank lacks the cushy chairs offered by nearby TD Bank or the lounge area with TVs at PNC Bank across the street in downtown Wilmington... Read Full Story
(Reuters) - The administrator for Lehman Brothers Holdings Inc <LEHMQ.PK> plans to seek permission to remove the claims against the bank from British courts and give out assets directly to creditors, the Wall Street Journal said, citing a joint administrator for the collapsed investment bank. According to the paper, Steven Pearson, a partner at PricewaterhouseCoopers and joint administrator for Lehman's operations in London, said he hoped to gain the support of "90 percent" of creditors... Read Full Story
Shares of Lehman Brothers Holdings Inc. jumped in over-the-counter trading Monday despite analysts warnings that prices will eventually dwindle down to nothing. The 158-year-old Lehman filed for Chapter 11 bankruptcy protection in September, and its stock was suspended from trading on the New York Stock Exchange. Still, shares of Lehman, which have sat at around 5 cents over the past several months, surged as much as 17 cents, or more than 100 percent, to a high of 32 cents intraday Monday... Read Full Story
NEW YORK (Reuters) - Lehman Brothers Holdings Inc <LEHMQ.PK> can pursue claims on assets in a bankruptcy case expected to set a precedent for treatment of derivatives in complex investment products, a New York court said on Tuesday. The case will decide whether the bank has the first claim on $70 million in assets in a collateralized debt obligation (CDO)-- securities backed by a pool of assets -- or whether investors in the deal have the right to jump ahead of Lehman in being repaid the... Read Full Story
LONDON (Reuters) - Administrators of the London arm of Lehman Brothers said the claims it is handling against the collapsed Wall Street bank could total as much as $100 billion. PriceWaterhouseCoopers, which is working with over 100 companies, mostly in the UK but also in continental Europe, said on Sunday: "We're dealing with a large number of entities and therefore the claims could be as much as $100 billion. "These claims are exceptionally complex and we anticipate a large amount of... Read Full Story
NEW YORK (Reuters) - A group of unsecured creditors objected on Friday to a request by bankrupt Lehman Brothers Holdings Inc <LEHMQ.PK> for more time to draft its reorganization plan, claiming the delay will cut into the $13 billion they say they are owed, according to court documents. Lehman attorneys asked the court last week to extend until March 15, 2010 the period in which the company can propose a reorganization plan in the largest bankruptcy in U.S. history. The current deadline... Read Full Story
