Lehman Brothers Inc. SIPA Proceeding

The liquidation of Lehman Brothers Inc. ("LBI") under the Securities Investor Act of 1970 ("SIPA") is the largest and most complex stock broker liquidation ever attempted, and one of the largest and most complex insolvency proceedings of any kind in history.

The Trustee for the liquidation of LBI fulfills a public duty assigned under SIPA. The Trustee's primary duty under the law is the return of customer property to customers of LBI as defined under SIPA, while at the same time maximizing the estate for all creditors.

Since his appointment on September 19, 2008 by the United States District Court for the Southern District of New York, the Trustee has administered more than $110 billion in the SIPA liquidation of LBI.

All of the Trustee's actions are in coordination with the advice of the Securities Investor Protection Corporation ("SIPC"). More information on SIPC is available at www.sipc.org. Please also refer to the SIPC Investor Guide and How SIPC Protects You.

• Primary Duties
• About the Trustee
• Trustee's Activities

Primary Duties

• The Trustee's principal duty is to return property to public customers of LBI and maximize assets available for return while being fair to the rights of other parties.
• SIPA lays out a process for returning assets that requires fairness for all claimants. For more information, please refer to the SIPA Claims Process section of the Web site.
• The Trustee has a duty to marshal assets to maximize the amount available for distribution as customer property and for the benefit of general creditors. The Trustee regularly reports to the U.S. Bankruptcy Court on progress in marshalling assets and resolving claims. Please refer to Reports and Presentations for more information.
• The Trustee has a duty to conduct an investigation concerning the acts, conduct, property, liabilities and financial condition of LBI, the operation of its business, and any other matter, to the extent relevant to the liquidation proceeding. The Trustee requests voluntary cooperation when possible, but also has subpoena power.
• The Trustee's final report will provide a public and transparent record and lessons learned from the liquidation of LBI.
• All of the Trustee's actions are in coordination with the advice of SIPC. All expenses incurred by the Trustee and counsel are fully reported to and approved by SIPC and the Court.

About the Trustee

On September 19, 2008, the United States District Court for the Southern District of New York entered an Order Commencing Liquidation granting the application of the Securities Investor Protection Corporation ("SIPC") for issuance of a Protective Decree adjudicating that the customers of Lehman Brothers Inc. ("LBI") are in need of the protection afforded by SIPA. James W. Giddens was appointed trustee for the liquidation, Hughes Hubbard & Reed LLP was appointed as counsel to the Trustee, and the case was removed to the United States Bankruptcy Court for the Southern District of New York.

The Trustee has retained various experts and professionals to perform various functions and otherwise assist the Trustee in the orderly liquidation of the LBI estate and satisfaction of customer claims.

Generally, in a SIPA liquidation a trustee assumes the premises of a broker-dealer. However, due to the acquisition of such premises by Barclays Capital Inc., the Trustee established a fully operational and staffed New York City office to facilitate review of claims and respond to inquiries to customer and creditors.

The Trustee makes every effort to keep customers and other interested parties informed on all ongoing efforts to administer the LBI estate. For contact information please click here.

Trustee's Activities

• Third Interim Report For The Period November 12, 2009 Through May 10, 2010
• Second Interim Report For The Period May 30, 2009 Through November 11, 2009
• First Interim Report For The Period September 19, 2008 Through May 29, 2009

• Account Transfers Under SIPA
  • Pursuant to SIPA and the Court order commencing this liquidation proceeding, the Trustee effectuated transfers of three sets of customer accounts: (i) Private Asset Management ("PAM") accounts; (ii) Private Investment Management ("PIM") accounts; and prime brokerage ("PB") accounts (together, the "Account Transfers").
  • The Account Transfers involved transferring over 110,000 customer accounts representing over $92 billion in account value so that customers could access their property and continue trading through Neuberger Berman, Barclays Capital Inc. and other Securities Investor Protection Corporation ("SIPC") member broker-dealers. These transfers protected thousands of customers from disruption and delay, preserved billions of dollars in value and eased market tensions in exceptionally uncertain times.
  • On December 10, 2009, the U.S. Bankruptcy Court approved the final remaining transfer of PIM assets to former LBI customers. This milestone brought to a successful conclusion the Account Transfer phase of the SIPA liquidation of LBI. The Securities Investor Protection Corp. (SIPC), the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve Bank of New York all supported the Trustee's motion and the account transfer process, and with this ruling their and the Trustee's goal of customer protection has in fact been achieved. The Trustee obtained permission of the Court to implement the Account Transfers for the benefit of customers by Order dated December 14, 2009.
  • Protocols and related documents regarding the account transfers are available here.
  
  
• Claims Process
  • The Trustee mailed claims filing information to more than 905,000 potential customer and general creditor claimants. As detailed in the Trustee's Second Interim Report, the Trustee has made substantial progress in reconciling and determining the over 12,500 customer claims received on behalf of over 86,000 account holders.
  • Statement Regarding Determination of Customer Claims and Distributions, dated July 1, 2009.
  • Please see SIPA Liquidation Claims Process for information relating to the claim process, including relevant deadlines and sample claim forms.
  
  
• Allocation of Customer Property
  • SIPA requires allocation of property between the fund of "customer property" and the general estate. On October 5, 2009, the Trustee filed a motion seeking Bankruptcy Court approval for the allocation of LBI assets. The Court approved the motion at a hearing in February 2010, and issued an Order Approving Trustee’s Motion For Allocation Of Property Of The Estate on March 2, 2010.
  
  
• Return of Misdirected Funds
  • The Trustee has returned more than $500 million in wire transfers erroneously sent to LBI bank accounts. More than one year after the commencement of the LBI bankruptcy, the Trustee continues to receive a substantial number of requests each week for the return of misdirected wire transfers. Due to the significant costs incurred by the LBI estate of investigating misdirected wire transfers and authorizing their return, the Trustee is considering proposing surcharges for all misdirected wires received after February 15, 2010.
  • All former LBI customers should be certain to update wire transfer instructions with their banks, financial institutions and other relevant counterparties before February 15, 2010 so as to avoid sending misdirected wires into LBI accounts and incurring the costs and inconvenience of obtaining their return. Financial institutions who have received transfers of accounts of former LBI customers should also notify these customers of the need to promptly update wire transfer instructions with their counterparties.
  • The Trustee notes that wire transfers specifically intended for LBI should continue to be sent directly to accounts at LBI. He appreciates all parties' prompt attention to these matters.
  • Protocol for Returns of Misdirected Funds, dated 4/2/10
  • Request Form for the Return of Misdirected Funds, dated 4/2/10
  
  
• Trustee's Investigation
  • The Trustee has the specific and important duty to conduct an investigation concerning "the acts, conduct, property, liabilities, and financial condition of the debtor, the operation of its business, and any other matter, to the extent relevant to the liquidation proceeding." (15 U.S.C. §78fff-1(d).)
  • The Trustee obtained permission of the Court by Order dated January 15, 2009 to issue subpoenas in furtherance of his duty.
  • The Trustee continues to engage actively in pursuing numerous avenues of this investigation and others, as detailed in the Interim Reports.
  • The Trustee issued a Preliminary Investigation Report on August 25, 2010 on the failure of LBI and recommendations for protecting customers in broker-dealer liquidations.
  
  
• Contingencies
  • The Trustee has made unprecedented progress in determining thousands of claims, returning misdirected wires, transferring customer accounts, recovering substantial funds, and administering the LBI Estate. Nevertheless, substantial contingencies remain, many of which are already subject to litigation. These contingencies continue to impact the timing and extent of distributions on allowed customer net equity claims as well as the significance, if any, of potential distributions on account of allowed general estate claims.
  • The Order approving the Trustee’s allocation method is important to determining the property available to customers and therefore the extent of distributions. The Trustee must also continue to reserve for the pending litigation with Barclays as well as disputed and undetermined claims, including significant LBHI and LBIE affiliate claims. For more information on these contingencies and others, see Section IX of the Trustee's Third Interim Report.
  
  
• Barclays Capital Inc.
  • For information regarding the sale to Barclays click here.
  
  
• Pending Claims Against Barclays on Disputed Assets
  • The Trustee has requested in separate, pending claims against Barclays in the Rule 60(b) motion and adversary proceedings, that the Court rule that billions of dollars of disputed assets that Barclays is claiming remain the property of the LBI estate. The transfer of these assets would create an unfair windfall for Barclays at the expense of public customers.
  • For more information, please refer to:
    • Trustee's Rule 60(b) motion, dated 10/16/09
    • Trustee's Complaint, dated 10/16/09
    • Declaration of James B. Kobak, Jr.
    • Declaration of William R. Maguire

      Maguire Declaration Part 1
      Maguire Declaration Part 2
      Maguire Declaration Part 3
      Maguire Declaration Part 4
      Maguire Declaration Part 5
      
    • Trustee's Reply Brief, dated 3/18/10
  
  
• Lehman Brothers Holdings Inc. (LBHI)
  • LBHI and its subsidiaries filed 626 customer claims against LBI on behalf of themselves and their customers and counterparties, with a total estimated value of approximately $18 billion. The Trustee is in the process of analyzing and determining the status of these claims and has made considerable progress towards completing that process. The determination of these claims - including a determination as to whether they should be treated as general creditor or customer claims - is material to determining the amount of any distributions to customers.
  • The Third Interim Report details the claims filed by LBHI and the Chapter 11 Debtors as well as the Trustee's claims against LBHI and the Chapter 11 Debtors.
  • The Trustee and his professionals continue to meet with its creditor constituencies including the Official Committee of Unsecured Creditors and the Ad Hoc Group of Lehman Brothers Creditors.
  • Trustee's Statement on LBHI Decision on Retiree Health and Medical Benefits.
  
  
• Lehman Brothers International (Europe) ("LBIE")
  • On January 30, 2009, LBIE filed omnibus claims on behalf of itself and LBIE's customers against LBI, which were subsequently amended by LBIE. LBIE's omnibus claims include claims to securities, securities-related cash, commodities futures, securities financing-related cash, as well as "failed to deliver to LBI" and "failed to receive from LBI" trades.
  • LBIE's omnibus claim on behalf of LBIE's clients against LBI was based on LBIE's books and records as of Friday, September 12, 2008, the last business day prior to the commencement of the administration of LBIE. However, LBI did not commence its liquidation proceeding until September 19, 2008, which is the relevant date for determining claims against LBI under SIPA.
  • The Trustee's and the LBIE Administrators' respective professional advisors have largely completed the reconciliation of LBIE's omnibus claim on behalf of LBIE's clients to LBI's books and records as of September 12, 2008, but it is necessary to adjust the claim for relevant activity on LBI's books and records after September 12, 2008 through September 19, 2008. Since this week in September 2008 was a period of tremendous turmoil in the world's financial markets and substantial activity at LBI, the process of analyzing LBI's books and records to substantiate such adjustments will require significant additional work.
  • The Trustee's professionals continue to work closely with the LBIE Administrators and professionals at PricewaterhouseCoopers ("PwC"). In an effort to reconcile LBIE's omnibus claim, and as part of the continual exchange of information between the Trustee and LBIE Administrators, the Trustee's professionals have engaged in weekly status calls with PwC, as well as daily e-mail communications, and multiple in-person meetings often lasting several days at a time.
  • The Trustee, in coordination with SIPC, continues to discuss with the LBIE Administrators a protocol regarding the treatment of allowed claims of LBIE customers and subsequent distribution of property. This protocol would clarify procedures and should expedite the return of property sub-custodied in the United States to LBIE customers. The issue is complex because of differences between the British Administration, which does not have a scheme of arrangement in place due to jurisdictional limitations of British courts, and the statutory requirements of SIPA. The Trustee contemplates seeking U.S. Bankruptcy Court approval of any agreement or protocol.
  
  
• Client Money Judgment   New update!
  • On August 2, 2010, the Court of Appeal in London issued a unanimous ruling that clients for which LBIE held client money are entitled to share in a client money pool even if LBIE did not segregate such client money for them. The court’s decision, available here, overturns in part a December 2009 ruling by the High Court as well as a supplementary ruling issued in January 2010. The lower court had ruled that the pool of pre-administration segregated client money was to be distributed to only those clients for which LBIE had segregated client money prior to its administration in proportion to the amount segregated for them, and that LBIE had no obligation to correct the shortfall in the amount of client money held on a segregated basis. The Trustee, together with three other respondents, appealed the first instance client money judgment. The Court of Appeal (reversing the High Court decision), held that the Financial Services Authority’s Client Assets Rules require that identifiable client money held by LBIE outside its segregated accounts must be pooled with client money held in its segregated accounts and distributed to all clients entitled to a claim against the pool.
  • The LBI Trustee has a claim against LBIE for a substantial amount of money that should have been segregated but was not. The Court of Appeal's judgment increases the protection of customers and customer property, and should lead to greater recovery for customers and others in the SIPA liquidation of LBI. It is not known yet whether the decision will be appealed to the U.K. Supreme Court.
  
  
• International Affiliate Claims and Protocols
  • The Trustee advocates cooperation among the administrators of Lehman entities from around the world and formalization of such cooperation through multilateral or bilateral protocols.
  • The Trustee and his professionals continue to work with administrators for insolvency proceedings applicable to Lehman entities outside of the United States in locations including the United Kingdom, Germany, Switzerland, Luxembourg, Japan, Hong Kong, China Singapore, the Cayman Islands, and Israel.
  
  
• Government and Third Party Investigations and Regulatory Matters
  • As discussed in detail in the Trustee's Third Interim Report, the Trustee has responded to over 200 governmental and non-party requests.
  
  
• Adversary Proceedings
  • The Trustee continues to enforce the automatic stay provisions of 11 U.S.C. §362 and the LBI Liquidation Order with respect to new complaints that name LBI as a defendant but are filed outside the Court in violation of the stay. For further details, please see the Trustee's Second Interim Report.
  
  
• Data Access and Transition Services
  • The Trustee and his professionals continue to work diligently to migrate from Barclays' computer systems and establish an independent information infrastructure. Given the nature and complexity of the systems, data migration requires extensive work, and has resulted in the transfer of over 82 terabytes of information. For more information on this topic, see Section XVII of the Trustee’s Third Interim Report.
  • The Trustee has had to rely on Barclays for access to many of the pre-Filing Date LBI books, records, and information in electronic form, as well as assistance from knowledgeable former LBI personnel now employed by Barclays. The Court approved an access agreement on April 22, 2009 to implement the legal requirements that the Trustee has access to information. The parties concluded a more comprehensive transition services agreement that the Court approved by Order on March 22, 2010. The Trustee nevertheless continues to reduce reliance on Barclays personnel and Barclays systems to lessen the considerable expense and assure prompt and unimpeded access to information.
  
  
• Tax Matters
  • The Trustee and his professionals continue to monitor or respond to several federal, state, and local tax audits; to respond to requests for tax-related information from international, federal, state, and local authorities; and to coordinate all tax reporting requirements.
  • If you previously received Forms 1099 as a Lehman account holder to report items such as interest and dividends, please note that no reportable activity occurred during the 2009 calendar year. Therefore, 2009 Forms 1099 were not required to be issued. 2008 is the last year for which such Forms will be issued by Lehman to account holders.
  • If you have any questions, please call our Tax Information Reporting Call Center at 888-770-7899. Please note that the Center cannot issue revised forms, provide copies of monthly account statements, or provide tax advice.
  
  
• Employee Benefits
  • As discussed in the Trustee's Interim Reports, the Trustee has actively engaged in matters relating to savings plan contributions, payroll check re-issuances, bonus advances, and other matters pertaining to employee benefits.
  • Trustee's Statement on LBHI Decision on Retiree Health and Medical Benefits.
  
  
• Executory Contracts
  • The Court issued an Order granting the Trustee's requests to extend the time within which the Trustee may assume, assign, or reject LBI's executory contracts and certain unexpired leases, as provided in §365(d)(1) of the Bankruptcy Code, through September 9, 2010. See Docket Nos. 1241, 1679 and 3263.
  • For more information on this topic, please click here.
  
  
• Real Estate
  • As of May 30, 2009, all leases previously held by LBI had been rejected or assumed and assigned.
  • The Trustee is investigating any potential real estate assets that the estate may own or have an interest in.
  
  
• Insurance
  • The Trustee continues to take steps to secure coverage on behalf of the estate and its customers including reporting to CAPCO - the private company that insured customers' losses beyond the limits of SIPC protection -- and is investigating facts to determine the existence and scope of insurable loss and whether notice under additional insurance policies would be appropriate.
  
  

The goal of the U.S. Securities Investor Protection Act of 1970 ("SIPA") is to transfer or return cash or property as promptly as possible to customers of a failed brokerage firm. SIPA lays out a process for returning assets that requires fairness for all claimants.

The Trustee for the SIPA liquidation of Lehman Brothers Inc. ("LBI") continues to work through an enormous workload to resolve claims in a fair, transparent and orderly process. This involves analyzing claims against the estate, fairly resolving claim issues and vigorously marshalling assets to maximize the amount available for distribution as customer property.

• SIPA liquidation claims process
• LBI claims process
• LBI customer claims
• General creditor claims
• Distributions
• Objections
• Claims Trading - Important Information   New update!

SIPA Liquidation Claims Process

The goal of SIPA is to transfer or return cash or property as promptly as possible to customers of a failed brokerage firm. SIPA lays out a process for returning assets that requires fairness for all claimants.

• SIPA provides that customers of a failed brokerage firm with no indebtedness to the broker receive all non-negotiable securities that are already registered in their names or in the process of being registered. All other so-called "street name" securities and customer cash are distributed on a pro rata basis.
• All customer-related assets are put in a co-mingled fund of customer property. Allocation of property to the fund of customer property is based on a proposal by the Trustee subject to approval by the Bankruptcy Court.
• Each verified claimant is entitled to a pro rata share of the fund of customer property based on the customer's respective "net equity" - the filing date value of a customer's non-customer name securities plus any cash balance owed the customer, less any indebtedness by the customer to the broker-dealer.
• The Trustee must first determine the number of valid claimants and the amount and value of property (securities and cash) under the Trustee's control. Distributions to pay allowed customer claims will be made when there is clarity for reasonable estimates of both the amount of customer property available for distribution and the total net equity of all allowed customers claims. Distributions may be in stages.
• Advances from the Securities Investor Protection Corp. (SIPC) reserve fund are available to satisfy the remaining claims of each customer up to a maximum of $500,000. This figure includes a maximum of $100,000 on claims for cash.

LBI Claims Process

As of the June 1, 2009 bar date, the Trustee had received more than 12,500 asserted customer claims on behalf of more than 86,000 accounts, along with more than 7,500 general estate claims. The customer claims include those asserted by, among others, Lehman Brothers Holdings Inc. (LBHI), Lehman Brothers International (Europe) (LBIE), and Barclays Capital Inc. (Barclays) that were filed on an omnibus basis on behalf of many thousands of accounts.

On October 5, 2009 the Trustee filed a Motion for Order Approving Trustee's Allocation of Property of the Estate pursuant to SIPA seeking Bankruptcy Court approval of an allocation of assets available to satisfy claims. The allocation motion will help determine how much of the property available to the estate (along with any future recoveries) will be apportioned to the fund of "customer property" - a priority pool of assets available only to allowed customer claims - and to the "general estate" - a pool of assets available to satisfy all other claims, including any potential deficiencies in customer claims. The Trustee's primary duty under the law is the return of customer property to customers of LBI as defined under SIPA, while at the same time maximizing the estate for all

LBI Customer Claims

The Trustee provided claimants with the option to file claims manually and electronically, a first in the history of SIPA liquidations. Pursuant to SIPA §78fff-2(a)(3), customer claims must have been received by January 30, 2009 to be eligible for maximum protection afforded under SIPA. No claim of any kind was allowed if not received by the Trustee on or before June 1, 2009.

A claim is determined when a letter of determination has been sent to the claimant. As described in the Trustee's Third Interim Report, the Trustee has now responded to virtually all asserted customer claims and has made substantial progress in reconciling complex and sizeable omnibus claims.

General Creditor Claims

The Trustee received over 7,500 general creditor claims, which will be reviewed separately after the customer claims process is complete and, in keeping with SIPA and §704(a)(5) of the Bankruptcy Code, at such time the Trustee has reason to believe that there will be a meaningful distribution to general creditors.

Distributions

The Trustee will proceed with distributions on allowed customer claims after all claims have been determined and there is sufficient clarity on or resolution of major contingencies and other issues. Distributions may occur in stages depending on the extent of allowed claims and available assets.

Pursuant to SIPA §78fff-3(a), the Trustee has and may continue to request form SIPC advances of funds to satisfy claims below SIPA coverage limits ($500,000 with respect to securities and $100,000 with respect to cash, up to an overall total of $500,00). Pursuant to SIPA §78fff(2)(d), the Trustee may use such SIPC advances to purchase missing securities necessary to deliver to customers in satisfaction of their claims.

See also, Statement Regarding Determination of Customer Claims and Distributions, dated July 1, 2009

Objections

If a claimant disagrees with the Trustee's determination, the claimant may object and request a hearing before the Bankruptcy Court within thirty days of the date of the letter of determination. If a claimant fails to request a hearing within the thirty days, or if the claimant fails to appear at the scheduled hearing, then the Trustee's determination shall be final and the claim is closed.

Any claimant who requests a hearing will have an opportunity to have its dispute adjudicated by the Court.

Claims Trading - Important Information   New update!

Both customer and creditor claims may be transferred in the LBI SIPA liquidation proceeding. To receive notices and distributions with respect to a transferred claim, notice of a claim transfer (if any is required to be filed with the bankruptcy court) must be provided in accordance with Bankruptcy Rule 3001(e).

The Trustee neither encourages nor discourages claims trading. Potential transferors and transferees of claims should make their own independent evaluation of whether to enter into a claims trade based upon the public record in this case. The Trustee notes that a properly transferred claim merely provides the transferee with the right to pursue distributions on account of such claim. It is not a determination of the validity, amount or priority of such claim, nor of any claim or defense that the Trustee may have with respect to that claim or as against the transferor or transferee of such claim.

• Trustee’s Interim Reports to the Court
• Opinions
• News
• Presentations
• Protocols & Notices
• Misdirected Funds
• Claims Trading - Important Information   New update!
• Tax Update
• Forms and Letters

Trustee’s Interim Reports to the Court

• Third Interim Report, dated 5/10/10   New update!
• Second Interim Report, dated 11/11/09
• First Interim Report, dated 5/29/09

Opinions

• Memorandum Decision Granting Motion to Uphold Determination Of Claim By SIPA Trustee, Case No. 08-1420 (Bankr. S.D.N.Y. June 1, 2010)
• Order Denying Motion Of DCI Umbrella Fund PLC, Case No. 08-CV-8119 (S.D.N.Y. Apr. 26, 2010)
• Client Money Judgment   New update!
  • On August 2, 2010, the Court of Appeal in London issued a unanimous ruling that clients for which LBIE held client money are entitled to share in a client money pool even if LBIE did not segregate such client money for them. The court’s decision, available here, overturns in part a December 2009 ruling by the High Court as well as a supplementary ruling issued in January 2010. The lower court had ruled that the pool of pre-administration segregated client money was to be distributed to only those clients for which LBIE had segregated client money prior to its administration in proportion to the amount segregated for them, and that LBIE had no obligation to correct the shortfall in the amount of client money held on a segregated basis. The Trustee, together with three other respondents, appealed the first instance client money judgment. The Court of Appeal (reversing the High Court decision), held that the Financial Services Authority’s Client Assets Rules require that identifiable client money held by LBIE outside its segregated accounts must be pooled with client money held in its segregated accounts and distributed to all clients entitled to a claim against the pool.
  • The LBI Trustee has a claim against LBIE for a substantial amount of money that should have been segregated but was not. The Court of Appeal's judgment increases the protection of customers and customer property, and should lead to greater recovery for customers and others in the SIPA liquidation of LBI. It is not known yet whether the decision will be appealed to the U.K. Supreme Court.

News

• SIPC Press Release Regarding Trustee's Preliminary Investigation Report dated August 25, 2010   New update!
• Trustee's Statement Regarding Testimony Supporting Trustee's Position and Demonstrating Weakness of Barclays' Claims, dated 5/7/10   New update!
• Trustee's Statement Regarding Trustee’s Complaint against Barclays and Barclays Opposition Memorandum, dated 3/18/10
• SIPC Press Release Regarding Phony “Look-Alike” Web Site Targeting Madoff Victims, dated 3/9/10
• Trustee's Statement Regarding Trustee's Complaint against Barclays and Barclays' Opposition Memorandum, dated 1/29/10
• Statement on Second Interim Report, dated 11/11/09
• Statement on Lehman Brothers Holding Inc. Decision on Retiree Health and Medical Benefits , dated 10/19/09
• Statement Regarding Determination of Customer Claims and Distributions, dated 7/1/09
• News Release: James W. Giddens, Lehman Brothers Inc, SIPC Trustee, Reports on Progress of Customer Claim Processing, dated 2/25/09
• Statement Regarding the October 14, 2008 Prime Brokerage Protocol, dated 1/23/09
• Open Letter To Prime Brokerage Customers and Other Interested Parties, dated 12/1/09
• News Release: James W. Giddens, Lehman Brothers Inc. SIPC Trustee, Reports on Progress of U.S. Liquidation, dated 9/26/08