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Lehman Brothers 14-Year Brokerage Liquidation Case Comes to End

Sept. 28, 2022, 10:24 PM

The liquidation of Lehman Brothers Inc. came to a close following 14 years of court proceedings that returned over $115 billion to the defunct brokerage’s customers and creditors.

Judge Shelley C. Chapman of the US Bankruptcy Court for the Southern District of New York issued an order Wednesday closing the brokerage estate’s liquidation proceedings, which began in September 2008 under the Securities Investor Protection Act (SIPA).

Chapman also granted Wednesday final approval of the legal fees for the trustee overseeing the liquidation process, totaling $424 million through the end of July.

The failure of the brokerage and parent Lehman Brothers ...