Lehmans wind-up costs tip $1bn
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The cost of winding up Lehman Brothers global business has now cost more than $1bn.
According to the Daily Telegraph, legal firms and restructuring specialists have charged more than $1bn for 22 months work.
The report says the former investment bank’s lead bankruptcy law firm, Weil Gotshal & Manges, have charged $212.3m, while Milbank Tweed Hadley & McCloy have been paid $61.1m. Alvarez & Marshall, the restructuring specialists, have charged $326m in fees.
This news comes as some of the 5,500 UK investors in Lehman Brothers backed structured products recently raised fears that they may have to wait years for any compensation.
As far, $830bn of claims have been made against Lehman Brothers, which claims it owes $115bn in customer redress.
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