US Bankruptcy Judge Approves Lehman Brothers Settlement
A US Bankruptcy Judge has approved a $90 million settlement of a class action lawsuit against Lehman’s former CEO and 13 other executives.
The Judge was not persuaded by the objections made by other Lehman officers who argued that the release of insurance funds to effect the settlement might not leave enough money to cover settlements of other investor lawsuits (see In re Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555).
The settlement still must be approved by the federal judge overseeing the class action case.
For further information, see: http://www.reuters.com/article/2011/10/19/lehman-idUSN1E79I0YB20111019