NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) will return more than $800 million of cash and securities to resolve claims by the trustee for Lehman Brothers Holdings Inc's (LEHMQ.PK) brokerage after the sides agreed how best the assets should be distributed to customers.
James Giddens, the court-appointed trustee for the bankrupt brokerage, called the settlement "a milestone" in his efforts to recover money for the customers.
JPMorgan was the brokerage's "clearing" bank, in which it acts as a go-between in Lehman dealings with other parties and, in that role, held various of its assets, court papers show.
In a filing with the U.S. bankruptcy court in Manhattan, Giddens said the accord "would substantially increase the fund of customer property" available for distribution, "without the uncertainty and delay of litigating disputed claims."
via news.yahoo.com