In a rather unusual move, the June 16, 2010 Wall Street Journal published an article stating Lehman Brother’s European auditors (Price-WaterhouseCoopers LLP) announced they would be expediting the return of approximately $22 billion dollars to unsecured creditors of the failed financial institution. Unfortunately, that money is earmarked for banks and insurance companies and will need final approval from the majority of them before the money can be distributed.
On September 15, 2008, Lehman Brothers Holding filed for bankruptcy protection, wiping out billions of dollars in investments held by institutions and individual investors. Many of the individual investors were holding bonds and structured notes guaranteed by the failed financial institution. Many of these individuals are retirees counting on the income from their investments to support their retirement.
The law firm of Colling Gilbert Wright & Carter is currently litigating Lehman Brother’s bond and note arbitration claims. If you lost money in a Lehman Brothers bond or structured note, please contact our offices for a case evaluation. Thank you.