JPMorgan Says It Resolved Remaining Litigation in Lehman Case
JPMorgan and certain affiliates have agreed to pay $797.5 million.
(Bloomberg) -- JPMorgan Chase & Co. and certain affiliates have agreed to pay $797.5 million to resolve all remaining litigation left over from Lehman Brothers Holdings Inc.’s 2008 bankruptcy.
JPMorgan paid $1.42 billion in 2016 that resolved two other major pieces of litigation. That settlement, approved by the bankruptcy court last February, allowed Lehman to make additional payments to creditors of about $1.49 billion.
The most-recent settlement is subject to bankruptcy court approval. A hearing has been set for Feb. 16, according to a Securities and Exchange Commission filing.
Lehman filed the biggest bankruptcy in U.S. history in September 2008, with $613 billion in debt.
The case is Lehman Brothers Holdings Inc. v. JPMorgan Chase Bank NA (In re Lehman Brothers Holdings Inc.), 11-06760, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware at dmccarty@bloomberg.net. To contact the editors responsible for this story: Christopher DeReza at cdereza1@bloomberg.net, Faris Khan, Andrew Dunn