Bloomberg
JPMorgan to Pay Lehman Brothers $699 Million Under Agreement
February 14, 2012, 12:30 PM ES
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By Linda Sandler
Feb. 14 (Bloomberg) -- JPMorgan Chase & Co. will pay Lehman Brothers Holdings Inc. $699 million under a settlement announced this month, according to details filed in U.S. Bankruptcy Court in Manhattan.
The payment is a return of defunct Lehman’s collateral deposited with the bank, which JPMorgan’s investment funds had claimed in compensation for losses on Lehman investments. A judge is scheduled to hold a hearing on the settlement tomorrow, according to the filing.
To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net
