$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,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.