Lehman Brothers Holding raises $1.88 bln selling broker claims

Wed May 22, 2013 9:16am EDT

May 22 (Reuters) - Lehman Brothers Holding Inc, the former investment bank that is working to repay creditors, said on Wednesday it had raised $1.88 billion by selling claims it held against its former brokerage.

The holding company said in a statement it had sold low-priority general unsecured claims against Lehman Brothers Inc with a face value of $4.22 billion through a Dutch auction process.

Under a settlement reached in February, the holding company received $14 billion in unsecured claims against its former brokerage.

Lehman Brothers Holding exited bankruptcy last year but continues to fight with creditors over their claims to billions of dollars.

The company was the fourth-largest U.S. investment bank when it filed a record bankruptcy in 2008. It has paid out about $47.2 billion to creditors.

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