Giddens Reaches $600M Deal With German Lehman Unit

Law360, New York (November 30, 2012, 5:52 PM EST) -- James Giddens, the trustee liquidating Lehman Brothers Holdings Inc.'s broker-dealer unit Lehman Brothers Inc., reached an agreement Thursday with Lehman Brothers Bankhaus AG that cuts the German affiliate's $1.35 billion claim against LBI to a $600 million unsecured claim.

Giddens, who is winding down LBI under the Securities Investor Protection Act, is asking U.S. Bankruptcy Judge James M. Peck for approval of his settlement agreement with LBB insolvency administrator Dr. Michael C. Frege, which resolves all claims between the two entities.

“We are very pleased to...
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