Lehman Brothers International Europe (LBIE)
administrator PwC plans to hand creditors their first payout before
the end of 2012.
In the past six months, Lehman Brothers joint
administrators raised a further £1.8bn ($2.8bn) of cash and signed
legal settlements that reduce claims to £4.6bn.
PwC said a major dispute with the Swiss
Brothers Finance was successfully concluded and administrators
started legal proceedings to recover $8bn of assets held by US
affiliate, Lehman Brothers Inc.
However, the Supreme Court client money
judgment handed down in February confirmed that entitlements extend
beyond those Lehman clients for whom cash was actually segregated
prior to the insolvency. PwC warned this will have the effect of
potentially diluting the recovery claimants are going to make.
“Although the extent of the related client
money tracing exercise that must now be undertaken remains
uncertain, we are pleased to confirm there does now seem to be
sufficient clarity that we can plan to make a first interim
distribution to unsecured creditors by the end of this year,” PwC
joint administrator Tony Lomas said.