Key Lehman Settlement With Creditors Wins Approval

Law360, New York (July 20, 2011, 12:37 PM EDT) -- A New York bankruptcy judge on Wednesday approved a settlement between Lehman Brothers Holdings Inc. and creditors after the few remaining holdouts withdrew their objections, a major milestone in the long-running bankruptcy.

U.S. Bankruptcy Judge James Peck approved a stipulation that will stop creditors who collectively hold about $100 billion in claims from pursuing discovery or proposing competing plans of their own — concessions both sides said were necessary given the potentially enormous costs of litigating.

"As in all things, it is not perfect, but it...
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