WASHINGTON, D.C. – July 13, 2015 – The Securities Investor Protection Corporation (SIPC) praised the latest achievement of Lehman Brothers Inc. Trustee James W. Giddens, who today filed a motion with the United States Bankruptcy Court seeking approval to make a third interim distribution totaling $1.89 billion to unsecured general creditors with allowed claims.
If the Court approves the third interim distribution, the cumulative payout to unsecured general creditors will reach 35 percent and total approximately $7.8 billion. Total distributions to all creditors, which include unsecured general creditors and secured, priority, and administrative creditors, will come to more than $8 billion.
SIPC President Stephen Harbeck said: “The results achieved to date have exceeded expectations. The professionals from Hughes Hubbard & Reed demonstrated that the Securities Investor Protection Act was suited for dealing with the most complex insolvency in history.”
In total, customers have received more than $106 billion, fully satisfying the 111,000 customer claims. Secured, priority, and administrative creditors have also received 100 percent distributions.