July 15 (Reuters) - Administrators for Lehman Brothers Holdings Inc's main European unit have finalized a plan to return about $13 billion in client funds that have been held up in legal proceedings since the investment bank collapsed last year, the Wall Street Journal said.
Citing a U.K. court filing that is likely to be made on Wednesday, the paper said around 1,000 clients still owed money by Lehman's European arm will have until the end of 2009 to submit their claims.
The plan, which targets the first quarter of 2010 for the assets to be returned, requires court approval, according to the paper.
Lehman's U.K. estate administrator PricewaterhouseCoopers (PwC) represents the bank's main European arm.
'This scheme will allow our clients to get finality on their financial positions,' the paper quoted Steven Pearson, an administrator Lehman Brothers International Europe, and a partner at PwC, as saying.
The administrator has returned about $13 billion of $32 billion in total client assets, the paper said, adding that the funds were distributed to about 35 Lehman clients, mostly large financial institutions and hedge funds.
PwC could not be immediately reached for comment by Reuters. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Valerie Lee) Keywords: LEHMAN/EUROPE (ajay.kamalakaran@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 +1 646 897 1898; Reuters Messaging: ajay.kamalakaran.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Citing a U.K. court filing that is likely to be made on Wednesday, the paper said around 1,000 clients still owed money by Lehman's European arm will have until the end of 2009 to submit their claims.
The plan, which targets the first quarter of 2010 for the assets to be returned, requires court approval, according to the paper.
Lehman's U.K. estate administrator PricewaterhouseCoopers (PwC) represents the bank's main European arm.
'This scheme will allow our clients to get finality on their financial positions,' the paper quoted Steven Pearson, an administrator Lehman Brothers International Europe, and a partner at PwC, as saying.
The administrator has returned about $13 billion of $32 billion in total client assets, the paper said, adding that the funds were distributed to about 35 Lehman clients, mostly large financial institutions and hedge funds.
PwC could not be immediately reached for comment by Reuters. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Valerie Lee) Keywords: LEHMAN/EUROPE (ajay.kamalakaran@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 +1 646 897 1898; Reuters Messaging: ajay.kamalakaran.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.