The brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said Friday they have agreed in principle to resolve litigation over $38 billion of claims, a step toward allowing customers and creditors some of their money.
Lehman Brothers Inc and Lehman Brothers International (Europe) announced the agreement in a joint statement. The accord requires approval by U.S. Bankruptcy Judge James Peck in Manhattan, as well as by the English High Court.
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In March, the Lehman parent company emerged from bankruptcy protection after 3-1/2 years in Chapter 11.
(Reporting By Jonathan Stempel in New York; Editing by Gerald E. McCormick)