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Lehman Brokerage to Pay Hedge Funds, Banks After 4 Years

Bloomberg – Defunct brokerage Lehman Brothers Inc. (LEHMQ) is set to pay more than $15 billion to hedge fund and bank customers after 4 1/2 years in liquidation.

Brokerage trustee James Giddens, who previously faced payment demands by New York hedge fund Elliott Management Corp., won a bankruptcy judge’s approval today to put the money into a fund to pay customers, according to a court order. The trustee has said the approval would “set the stage” for payments that will give customers all their money back.

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