SIPC: James W. Giddens, Lehman Brothers Inc. SIPC Trustee, Announces Protocols Regarding Prime Brokerage Arrangements & Other Broker-Dealer Transactions
WASHINGTON, D.C. – October 7, 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 from James W. Giddens, Lehman Brothers Inc. (LBI) SIPA Trustee: “James W. Giddens, the court-appointed trustee for the liquidation of the business of Lehman Brothers Inc. under the Securities Investor Protection Act (SIPA), has announced protocols that will be used to process claims for return of identifiable cash and securities held at the U.S. brokerage firm for prime brokerage accounts and for closing out and valuing certain other claims. These protocols were developed with input and cooperation from the Securities and Exchange Commission and the Securities Investor Protection Corporation (SIPC), and after discussion with clearing organizations and others.”… (more)
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SIPC: James W. Giddens, Lehman Brothers Inc. SIPA Trustee, Reports on Progress of U.S. Liquidation
WASHINGTON, D.C. – September 26, 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 from James W. Giddens, Lehman Brothers Inc. (LBI) SIPA Trustee: "Through extraordinary, around the clock efforts of many participants including the Securities Investor Protection Corporation, the Trustee’s staff, former Lehman Brothers Inc. personnel, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve Bank of New York, and the Depository Trust Clearing Corporation, over 135,000 customer accounts are in the process of being transferred either to Neuberger Berman (through its clearing firm, Broadridge) or to Barclays Capital
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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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