NEW YORK (Reuters) - Lehman Brothers Holdings Inc on Monday filed a plan with the U.S. bankruptcy court in Manhattan to wind down its remaining assets and operations -- and end the largest U.S. bankruptcy case in history.
NEW YORK: A federal judge on Friday dismissed a lawsuit by former Lehman Brothers Holdings Inc employees seeking to hold onetime Chief Executive Richard Fuld liable for their retirement plan losses as the Wall Street bank plunged into its 2008 bankruptcy. US District Judge Lewis Kaplan in Manhattan rejected claims that Fuld breached an obligation to share what he knew about Lehman's fast-deteriorating finances with officials who oversaw the plan, where Lehman stock was an investment option.
NEW YORK (Reuters) - The former JPMorgan Chase & Cotrader known as the "London Whale" was not responsible for Lehman Brothers Holdings Inc's bankruptcy and should not be dragged into an $8.6 billion lawsuit accusing the largest U.S. bank of causing it, JPMorgan said.
The administrator for failed Wall Street giant Lehman Brothers has filed plans to end the largest bankruptcy in US history, opening the way for the creation of a new company."The proposed plan represents a fair economic resolution for all Lehman creditors and will accelerate recoveries to creditors," said Bryan Marsal, chief executive and chief restructuring officer of Lehman Brothers Holdings, in a statement on Monday.
Connacher Oil & Gas Ltd. has defaulted on some of its debt and a creditor group represented by Credit Suisse Group AG is right to demand repayment, a former U.S. bankruptcy judge said in court papers filed in Calgary.
Lehman Brothers Holdings Inc., which is still selling assets after exiting bankruptcy last year, said it will pay US$14.2-billion to creditors and affiliates on April 4.
Depending on available funds, the following payout will take place around Sept. 30, the defunct investment bank said in a statement Wednesday.
Lehman, which filed the biggest bankruptcy in U.S. history in 2008, has so far paid creditors about 9 cents on the dollar, or half of what it expects to pay by about 2016. Its first payment was US$22.5-billion and its second distribution was about US$10.5-billion.