Lehman Brothers International administrators propose client payment

By Caroline Salls

Pittsburgh, April 8 - Lehman Brothers International (Europe)'s joint administrators have proposed paying some clients with claims of money held by the company before administration up to $10,000 per client in return for assignment of their pre-administration client money claims, according to a news release.

According to the release, these payments would reduce the number of clients with claims to pre-administration client money and reduce the costs of administering the return of that money.

Clients who believe they are eligible to be considered for payment must express their interest to the joint administrators by May 28. Payment would be made to consenting eligible claimants by July 30.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15, 2008 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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