Financial Regulatory Forum

Europe arm to claim $200 bln from Lehman – PricewaterhouseCoopers

By Reuters Staff
September 28, 2009

LONDON (Reuters) – The administrator of Lehman Brothers in Europe expects to claim more than $200 billion from other parts of the failed investment bank, he told the Reuters Restructuring Summit on Monday.

Tony Lomas, chairman of business recovery services at PricewaterhouseCoopers, said more than $150 billion of claims will be made against Lehman Brothers’ U.S. parent and subsidiaries, in addition to more than $50 billion from other Lehman units across the world.

Claims from other Lehman units against Lehman in Europe so far totaled about $10 billion, Lomas said.

Lomas said the process of returning client funds would continue despite a recent court setback, and he expected a solution would be found by the first quarter of 2010.

He estimated total external claims to be in the “many tens of billions of dollars” but less than $100 billion.

For more stories from Reuters’ Restructuring Summit, please click here.

http://www.reuters.com/finance/summit/Restructuring09

(For summit blog: blogs.reuters.com/summits/)

(Reporting by Tom Freke; Editing by Dan Lalor)

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