Go Finance Reporting in NEW YORK - Banking giant United States (U.S.) JPMorgan Chase agreed to pay approximately USD800 million, to settle claims of bankrupt companies on Wall Street, Lehman Brothers in 2008.
Trustee for Lehman Brothers, James Giddens, revealed when the fund companies and securities companies will help cover some of the damages that could make a sensation and became a key point in the global financial crisis.
"This is a milestone. The agreement will increase the funds held by LBI Estate available for distribution to the general customer LBI more than USD800 million in cash and securities," said Giddens, quoted by AFP on Friday (04/22/2011).
He said, when the agreement came after the two sides work together and work together through a complex and difficult problems of this.
For your information, Lehman Brothers collapsed in September 2008 that marked the biggest bankruptcy in history. Triggering shock in the financial system and would not want to drag the global economy into recession.
The claims of the creditors believed amounted to USD875 billion, but many will be eliminated under the reorganization. Most of Lehman's assets were acquired by British bank Barclays for USD250 million. Parties JPMorgan Chase said settlement of this matter will not affect the company. (GoFinance)
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