Posted on 11/24/2009 4:33:06 AM PST by EBH
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. The scheme requires approval by 90 percent of Lehman's clients.
"This agreement has been negotiated over the last six months and will now allow us to return a further $11 billion or so of trust assets to their rightful owners," Steven Pearson, joint administrator for LBIE and a PricewaterhouseCoopers partner, said in a statement.
(Excerpt) Read more at reuters.com ...
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