Lehman Brokerage Customers May Be Paid By Spring

Law360, New York (August 9, 2011, 5:14 PM EDT) -- The trustee overseeing the liquidation of Lehman Brothers Inc., the broker-dealer arm of the bankrupt financial giant, told a New York judge Tuesday that he could start paying customers' claims as soon as next spring, but that a shortfall was inevitable.

"By March, April or so of next year we hope to make an interim distribution," said James B. Kobak Jr. of Hughes Hubbard & Reed LLP, which represents the trustee, James W. Giddens.

But Giddens and other Hughes Hubbard attorneys tempered that hope with the...
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