The US Bankruptcy Court for the Southern District of New York has approved the settlement reached between three Canary Wharf Group entities and Lehman Brothers of the claims filed in September 2009 against LBHI concerning losses suffered on the former Lehman Brothers, now JP Morgan Chase Bank, NA, building at 25 Bank Street, Canary Wharf.
The settlement agreement provides that CWG’s claims will be allowed in the aggregate amount of $350m, and categorized as LBHI Class 9A. CWG will receive about 18.57% of the allowed amount of such claims reflecting the distributions made to LBHI Class 9A claimants to date. CWG will also be entitled to receive any further distribution paid to LBHI Class 9A claimants.
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Initial payments on the settlement are expected in October 2014. In December 2010, in connection with the sale of 25 Bank Street to JP Morgan, CWG agreed to pay to JP Morgan 50.0% of the proceeds of any settlement (after deduction of legal fees and other costs and expenses).
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