Judge clears the way for Lehman to distribute billions to creditors

02/23/2012 | Wall Street Journal, The

Judge James Peck of the U.S. Bankruptcy Court in Manhattan approved a request from Lehman Brothers Holdings to set aside noncash assets to cover disputed claims. The move allows Lehman to hold on to cash to repay other creditors. Peck also allowed Lehman to cut claims from major banks by about $35 billion. The claims from Citigroup, Wells Fargo and other banks are related to residential mortgage-backed securities.

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