By Eric Hornbeck (December 15, 2010, 2:54 PM EST) -- A settlement between Lehman Brothers Holdings Inc. and a British affiliate of Bank of New York Mellon Corp. that divides $70 million in contested collateral between Lehman and a noteholder received a judge's blessing Wednesday, ending an adversary proceeding that stretched all the way to the U.K. Supreme Court.
Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement, which calls for the underlying collateral to be sold and divided between Lehman and noteholder Perpetual Trustee Co. Ltd. and for appeals in the U.S. and U.K. to be dismissed, during a hearing...
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