Lehman Gets Green Light For Asset Management Unit

Law360, New York (April 16, 2010, 4:14 PM EDT) -- A federal bankruptcy judge has signed off on a revised version of Lehman Brothers Holdings Inc.'s plan to launch a new asset management unit, which had originally drawn criticism from several major banks over a provision giving Lehman sole ownership and control of the company.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York approved the proposal Thursday after Lehman agreed to make several changes to resolve objections from a group of banks including Bank of America Corp., Deutsche...
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