Lehman Europe Returns $14.3 billion To Clients

The European administrator of Lehman Brothers Holdings has announced gaining control of $48.6 billion of securities and cash. According to The Wall Street Journal, the administrator has also returned $14.3 billion of assets to clients in the last 18 months. In a six-month progress report, PricewaterhouseCoopers said that the past six months had been “exceptionally productive”. The administrator has also implemented a new plan to accelerate the return of $11 billion in frozen client assets.

Lehman Brothers collapsed in September, 2008, causing its global affiliates to fold. PricewaterhouseCoopers was appointed as administrator for Lehman Brothers International Europe. According to the progress report, the administrator incurred $89.1 million in costs over the last six months. The administrator is also planning to file a case against high-value counterparty debt groups.