Fees for unwinding Lehman Brothers to pass $2 billion
Fees paid to lawyers and accountants for unwinding Lehman Brothers in the US and Europe are on track to surpass $2 billion even after some of the legal services have been provided at discounted rates. The fees charged to Lehman’s US estate stood at $917 million in July and should top $1 billion this month. In London, expenses for unwinding the European arm, with legal costs, are estimated at almost $900 million. The US estate is paying more than 1,000 people while in London, PwC, the administrators to Lehman’s main European operations, still has more than 300 of its people on the project.