Feb. 14 (Bloomberg) -- JPMorgan Chase & Co. will pay Lehman Brothers Holdings Inc. $699 million under a settlement announced this month, according to details filed in U.S. Bankruptcy Court in Manhattan.
The payment is a return of defunct Lehman’s collateral deposited with the bank, which JPMorgan’s investment funds had claimed in compensation for losses on Lehman investments. A judge is scheduled to hold a hearing on the settlement tomorrow, according to the filing.
To contact the reporter on this story: Linda Sandler in New York at email@example.com
To contact the editor responsible for this story: Andrew Dunn at firstname.lastname@example.org