JPMorgan To Return $700M To Lehman In Settlement

Law360, New York (February 1, 2012, 7:43 PM EST) -- JPMorgan Chase Bank NA on Wednesday agreed to return nearly $700 million to Lehman Brothers Holdings Inc. that it had used to compensate its customers for losses to their investment portfolios, prompting outrage from the bankrupt firm at the time.

Under the terms of the agreement, filed with a motion for approval in a New York federal bankruptcy court, JPMorgan will pay Lehman $669.2 million, approximately 98 percent of the amount in dispute. The money will be immediately available for the first distribution to be made...
To view the full article, register now.