SIPC: Lehman Brothers Inc. Liquidation Proceeding Paves Way for Asset Purchase Agreement by Barclays
WASHINGTON, D.C. – September 20, 2008 – The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, issued the following statement today in relation to Lehman Brothers Inc. (LBI), a SIPC member. SIPC President Stephen Harbeck said: “I am pleased to be able to report this morning that SIPC’s timely intervention under the Securities Investor Protection Act (SIPA) to initiate an action placing LBI in liquidation yesterday has reached a successful conclusion. The result is a situation where 630,000 Lehman Brothers Inc. customers should have full access to their accounts in very short order. We have striven to be innovative and flexible in working with all parties to achieve what will be the fastest-ever restoration of customer accounts in the history of the Securities Investor Protection Corporation."… (more)
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SIPC Issues Statement on Lehman Brothers Inc.: Liquidation Proceeding Now Anticipated
WASHINGTON, D.C. – September 18, 2008 – The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, issued the following statement today in relation to the SIPC member, Lehman Brothers Inc. (LBI). SIPC President Stephen Harbeck said: “On Friday, September 19, 2008, SIPC will file a proceeding placing LBI in liquidation under the Securities Investor Protection Act (SIPA). After extensive discussions and consultation with representatives of the firm and its parent company, as well as representatives of the Securities and Exchange Commission, the Federal Reserve, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority and others, SIPC has decided that such action is appropriate for the protection of customers and to facilitate the transfer of customer accounts of LBI and an orderly unwinding of the business of the brokerage firm. This action is being taken in connection with a proposed sale of the business of the broker-dealer to Barclays Capital Inc.… (more)
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SIPC Warns Investors of New ID Theft “Phishing” Scheme
WASHINGTON, D.C. – July 21, 2008 – The Securities Investor Protection Corporation (SIPC) today cautioned investors about a new identity theft scam designed to extract confidential information and cash from unwary individuals. SIPC officials said they are investigating phony emails sent by a supposed “senior investment advisor” claiming to act for an actual SIPC member. In fact, the individual whose name appears in the emails has nothing to do with the scheme, and the actual brokerage firm named is likewise not involved in the fraudulent solicitation. The email asserts that the brokerage firm is acting on behalf of SIPC, in order to return funds to the investor targeted by the email. … (more)
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