Lehman Brothers Financial SA (LEHNQ)

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" An initial payment will be sent to ECAPS holders on Dec. 8, according to a notice issued Wednesday.

LBHI is currently set to recover a far smaller payout on its subordinated debts, but could seek to challenge the decision at the UK Court of Appeal.

Whether there will be enough money to pay out on the entire claim will depend on how much more administrators at PwC are able to recover from the UK insolvency. In the judgment, Hildyard referred to estimates by administrators of between £233 million and £490 million for surplus left to be distributed to creditors.

Lehman’s European arm lost a case over a longstanding litigation relating to crisis-era credit default swaps last year, but a report from administrators at PwC in April said that it was likely that decision would be appealed. Success in that case could increase payouts for creditors like Deutsche Bank and LBHI.