Investment Banks Need 'Living Wills': Lehman Trustee

Law360, New York (August 26, 2010, 12:30 PM EDT) -- While the liquidation of Lehman Brothers Holdings Inc.'s investment banking arm has gone relatively smoothly, investment banks should be required to have a “living will” in place designed to protect customer assets, the trustee overseeing the liquidation said in a preliminary report.

James W. Giddens, the trustee appointed under the Securities Investor Protection Act and a partner at Hughes Hubbard & Reed LLP, said in the report submitted Wednesday to the U.S. Bankruptcy Court for the Southern District of New York that Lehman Brothers Inc. largely...
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