$128M Lehman Pension Deal Gets Green Light

Law360, New York (June 3, 2009, 12:00 AM EDT) -- A dispute between Lehman Brothers Holdings Inc. and the Pension Benefit Guaranty Corp. over more than $1 billion in Lehman retiree pension benefits came to an end Wednesday, with a judge approving a settlement that terminates Lehman’s pension obligations in exchange for a $128 million payment.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York approved a settlement between Lehman and the federal pension insurer in which the PBGC agreed to terminate Lehman’s plan, retroactively effective Dec. 12, 2008,...
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