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Lehman U.K. administrators propose $11B rebate

Posted on November 24, 2009 1:30 PM
Almost three weeks after the U.K. Court of Appeal killed a legally binding plan for the return of assets held in trust by Lehman Brothers Holdings Inc.'s European arm, the bankruptcy administrators have issued a formal alternative to its clients.

The proposal, known as a claim resolution agreement, was sent to clients of Lehman Brothers International (Europe) Ltd. on Tuesday. It allows them to get trust assets returned and positions closed out, without the need to either post further collateral or indemnify the bankrupt Lehman unit.

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