Lehman Trustee Begins Full Paybacks To Hedge Funds

Jun 7 2013 | 1:30pm ET

Lehman Brothers' hedge fund clients are set to get all of their money back from the defunct bank—and soon.

Lehman trustee James Giddens said yesterday that he had begun cutting checks that will make institutional clients, including banks and hedge funds, whole. The money will come from the final liquidation of Lehman's brokerage business.

"Distributions from the LBI estate will stand as the largest return of property in history to former customers of a broker-dealer following a bankruptcy and liquidation proceeding," Giddens said.

Lehman's prime brokerage customers have had their money tied up since the bank collapsed nearly five years ago.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…