JPMorgan To Pay Lehman Trustee $800M For Asset Mishaps

Law360, New York (June 23, 2011, 5:46 PM EDT) -- A New York bankruptcy judge on Thursday approved a settlement under which J.P. Morgan Securities LLC agreed to pay a recovery trustee for Lehman Brothers Inc. more than $800 million from customer accounts supposedly lost in the shuffle when the investment giant fell.

U.S. Bankruptcy Judge James M. Peck approved the deal in Manhattan bankruptcy court following trustee James Giddens' two-year investigation into JPMorgan's activities as a clearing bank for Lehman Brothers Holdings Inc.'s brokerage affiliate.

“[The approval] marks a milestone in the administration of the...
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