Business & Finance
Business and Finance
Business and Finance
Thu, April 21, 2011 J.P. Morgan and Lehman Brothers Inc. Trustee reach agreement on return of customer assets
NEW YORK--([ BUSINESS WIRE ])--JPMorgan Chase & Co. (NYSE: JPM) announced today that it has reached an agreement with the Lehman Brothers Inc. (LBI) Trustee to return more than $800 million in Lehman customer assets to the LBI Estate for distribution to its customer claimants. The agreement will have no material financial impact on JPMorgan Chase.
"JPMorgana™s constructive approach in resolving this matter is consistent with JPMorgana™s spirit, and course, of cooperation in addressing issues implicating claims to customer property."
JPMorgan worked closely with the Trustee and voluntarily provided significant assistance to the Trustee. The predominant source of the returned assets will be from cash and securities from LBI accounts that JPMorgan had set aside and held pending a resolution with the Trustee.
The Trustee said today: aJPMorgana™s constructive approach in resolving this matter is consistent with JPMorgana™s spirit, and course, of cooperation in addressing issues implicating claims to customer property.a
The agreement is subject to the approval of the United States Bankruptcy Court of the Southern District of New York.
About JPMorganChase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the worlda™s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at [ www.jpmorganchase.com ].
