Lehman Brothers Holdings Provides Update on Ninth Distribution

NEW YORK--(BUSINESS WIRE)-- Lehman Brothers Holdings Inc., as Plan Administrator, confirmed today that the Ninth Distribution, which is scheduled to commence on March 31, 2016, will not include the proceeds from the recently approved settlement with JPMorgan Chase Bank, N.A. Under the settlement agreement, which was approved on February 8, 2016 by the U.S. Bankruptcy Court for the Southern District of New York, JPMorgan will pay $1.42 billion to Lehman and its affiliates and release approximately $76.5 million of restricted funds.

Subsequent to settlement agreement approval by the Bankruptcy Court, a lone objector and pro se litigant filed a notice of appeal of the Bankruptcy Court’s order with the U.S. District Court for the Southern District of New York. The District Court ordered a dismissal of the appeal on March 11, 2016. The objector has appealed the District Court’s order. On March 18, 2016, the Plan Administrator filed a motion to the Court of Appeals to expedite dismissal of the appeal. As of the date of this release, the Court of Appeals has not ruled on the motion.

The Plan Administrator will continue to seek the resolution of this objection to enable the distribution of these settlement proceeds to creditors in the most timely and practicable manner.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160328005382/en/

Lehman Brothers Holdings Inc.
Kimberly Macleod, 646-285-9215
[email protected]

Source: Lehman Brothers Holdings Inc.

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