Lehman’s London Arm to Close, 17 Years and £28 Billion Later (1)

Lehman Brothers’s London unit can finally close, a little over 17 years after the US lender collapsed in one of the largest bankruptcies ever.

A London judge ruled Wednesday that the administration of Lehman Brothers International Europe could be concluded, with the company having satisfied all of its creditors. The administration of the firm began after the collapse of its US parent on Sept. 15, 2008, the harbinger of the global financial crisis.

The failure was unexpectedly lucrative, with insolvency practitioners at PricewaterhouseCoopers able to recover almost £28 billion ($37.5 billion) from the international unit — a “remarkably successful” ...