JPMorgan Agrees To Hand Lehman Brokerage $861M

Law360, New York (April 21, 2011, 6:13 PM EDT) -- JPMorgan Chase & Co. on Thursday agreed to return $861 million to the estate of Lehman Brothers Holdings Inc.'s brokerage division, with the cash and securities to be distributed to the failed investment bank's customers.

According to a motion to approve the settlement filed in bankruptcy court in Manhattan, the deal resolves claims between James W. Giddens, the trustee appointed for Lehman Brothers Inc. under the Securities Investor Protection Act, and JPMorgan, which had served as the principal clearing bank for Lehman's brokerage operations. Giddens has...
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