Elliott Management Pays $1B For Lehman European Claim

Law360, New York (October 2, 2013, 2:29 PM EDT) -- The corporate parent for Lehman Brothers Holdings Inc.'s European unit on Tuesday announced that it had sold its outstanding claim against the failed investment bank's British operations to Paul Singer's Elliott Management Corp. for £650 million ($1.05 billion).

Elliott Management will receive an approximately £1.25 billion claim against Lehman Brothers International (Europe) in the deal, meaning the hedge fund complex could potentially double its money as Lehman Brothers liquidates.

The deal calls for LB Holdings Intermediate 2 Ltd., the liquidating Lehman unit's parent company, which also...
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