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.
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio