Under questioning before the House Oversight and Government Reform Committee Fuld said he did not receive the initial estimate of £276.2m.
Fuld added that the executives of Lehman owned a large proportion of shares, to ensure they acted in the best interests of shareholders.
He said: “We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders.”
Fuld said he took responsibility for his decisions and defended them as prudent and appropriate.
Committee chairman Henry Waxman criticised Fuld for continuing to seek out multi-billion dollar bonuses for departing executives in the run up to the bank’s collapse.
He said: “In other words even as Mr Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation.”