Lehman Europe, Japan Units Exchange $2B In Assets

Law360, New York (December 18, 2009, 5:41 PM EST) -- Lehman Brothers Holdings Inc.'s European and Japanese units have swapped $2 billion in assets, allowing $1 billion to be dispersed under the European division's claims resolution agreement.

The two Lehman units completed the asset exchange on Dec. 11 after “intensive discussions,” PricewaterhouseCoopers LLP, the administrator for Lehman Brothers International Europe, said Friday.

LBIE — which is in administration — gave $1 billion in assets to Lehman Brothers Japan Inc. — which is in civil rehabilitation — and received $1 billion in assets in return, PwC said....
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