Evidence records

documentedLehman Brothers Holdings Inc. (LBHI) is a Delaware corporation with SEC Commission File Number 1-9466 and IRS employer identification number 13-3216325. Its Form 8-K of June 9, 2008 gave its principal executive offices as 745 Seventh Avenue, New York, NY 10019; its Form 8-K of March 12, 2012 gave 1271 Avenue of the Americas, New York, NY 10020. ^{1 2}

documentedThe SEC's EDGAR filing system lists SHEARSON LEHMAN HUTTON HOLDINGS INC as the former name of the registrant with CIK 0000806085, changed on October 17, 1990, and LEHMAN BROTHERS HOLDINGS INC as its name in EDGAR from January 6, 1994 until March 12, 2012, after which the record carries the name LEHMAN BROTHERS HOLDINGS INC. PLAN TRUST. The indenture trustee for LBHI's senior notes describes LBHI as formerly known as Shearson Lehman Brothers Holdings Inc. ^{3 4 5}

documentedAs retrieved in October 2026, the EDGAR record for CIK 0000806085, now in the name LEHMAN BROTHERS HOLDINGS INC. PLAN TRUST, shows an operating entity under SIC code 6211 (security brokers, dealers and flotation companies) with no ticker or exchange listing, no LEI, employer identification number 306315144, a December 31 fiscal year end, and a mailing and business address at 1271 Avenue of the Americas, New York, NY 10020, telephone 646 285-9000. ⁴

documentedThe Plan Trust's Form 8-K of September 6, 2024 names LEHMAN BROTHERS HOLDINGS INC. PLAN TRUST as the registrant, organised in Delaware, under the same Commission File Number 1-9466 used by LBHI and with IRS employer identification number 30-6315144, at 420 Lexington Avenue, New York, NY 10170. The employer identification number shown in the EDGAR record is therefore the Plan Trust's; LBHI's own is 13-3216325. ⁶

documentedIn its September 2008 bankruptcy petition LBHI described itself as a financial services company which, together with its direct and indirect subsidiaries, was the fourth largest investment bank in the United States, serving corporations, governments and municipalities, institutional clients and high-net-worth individuals through three segments: Capital Markets, Investment Banking and Investment Management. ⁷

documentedWith effect from January 22, 2024, the corporate headquarters of the debtors in the Chapter 11 cases moved to 420 Lexington Ave, Suite 1402, New York, NY 10170, according to a notice of change of address filed in the case (Docket 61634). ⁸

documentedWest Virginia's Secretary of State registered LEHMAN BROTHERS HOLDINGS, INC. as a foreign (Delaware-chartered) profit corporation on February 10, 1995, with the trade name LEHMAN CAPITAL, A DIVISION OF LEHMAN BROTHERS HOLDINGS INC. The registry lists annual reports filed for 1999 to 2019, a principal office at 277 Park Avenue, 46th Floor, New York, NY 10172, and a termination on August 20, 2021 recorded with the reason "Pending". ⁹

documentedIn the EDGAR filing list for CIK 0000806085, every current report filed after the one listing Items 1.01, 1.03, 3.03, 5.01, 5.02, 5.03 and 9.01 (the report on the plan's effective date) lists only Items 7.01 and 9.01 or no items. None of the later reports is filed under Item 5.02, the item for changes of directors or officers, so no later change to LBHI's board has been reported under that item. ⁴

documentedA company-history reference describes Shearson Lehman Brothers Holdings Inc., as LBHI was then named, as a 74%-owned subsidiary of American Express, incorporated in 1983, with 31,250 employees and revenues of $11.18 billion at the time of its entry. ¹⁰

documentedAccording to a biographical reference work, Shearson/American Express acquired Lehman Brothers in 1984, and six years later Shearson Lehman Brothers split its operations into a Shearson retail division and a Lehman Brothers investment banking and trading division. ¹¹

documentedAccording to the company-history reference, Shearson lost $1 billion in 1989; in February 1990 Howard L. Clark, Jr., American Express's chief financial officer, replaced Cohen as chief executive, American Express bought a further 13 percent of Shearson and injected more than $1 billion, and the reorganisation was reflected in the name change to Shearson Lehman Brothers Holdings Inc., with Shearson as a retail unit and Lehman Brothers as an institutional group headed by Richard Fuld and J. Tomilson Hill III. EDGAR dates the change from the former name Shearson Lehman Hutton Holdings Inc. to October 17, 1990. ¹⁰

documentedOn May 31, 1994 American Express completed the distribution of all the LBHI common stock it held as a special dividend to its shareholders of record on May 20, 1994, at one-fifth of an LBHI share for each American Express share, and LBHI shares began regular-way trading on the New York Stock Exchange under the symbol LEH. Beforehand LBHI carried out a 0.3178313-for-1 reverse stock split, American Express sold 441,251 shares to Lehman executive officers for about $11.3 million, and LBHI sold 35,379,920 shares to American Express for about $903.8 million and 3,490,094 shares to Nippon Life Insurance Company for about $89.2 million, in each case at about $25.55 per share. ³

documentedAfter the 1994 distribution LBHI had 105,605,669 common shares outstanding. American Express held no common stock but held preferred stock carrying about 2.9% of the voting rights, which it agreed to vote in the same proportion as the common stockholders; Nippon Life, through redeemable preferred stock, cumulative convertible voting preferred stock and a warrant, held securities giving it about 11.2% of the voting rights on a fully diluted basis. ³

documentedAmerican Express's own quarterly report for the period ended September 30, 1994 states that it completed the spin-off of LBHI on May 31, 1994 through a dividend of all the LBHI common stock it held, and that in connection with the transaction it bought $200 million of LBHI cumulative voting preferred stock as an investment, while American Express and Nippon Life bought 928 and 72 shares of redeemable voting preferred stock for a nominal amount. Those shares entitled their holders to an aggregate annual dividend of 50 percent of LBHI's net income above $400 million for each of the next eight years, capped at $50 million a year; Lehman employees bought about $57 million of common stock and Nippon Life about $89.2 million. ¹²

documentedLBHI's 2002 proxy statement gives the voting stock outstanding on its February 15, 2002 record date as 244,244,497 common shares (99.6% of the votes) and redeemable voting preferred stock carrying 0.4% of the votes. American Express held 928 (92.8%) and Nippon Life 72 (7.2%) of the redeemable voting preferred shares, and the Incentive Plans Trust held 49,760,157 common shares for employee awards (20.3% of the votes); management knew of no other holder of more than five percent of any class. ¹³

documentedThe 2002 proxy statement describes continuing arrangements with American Express after the spin-off: since August 1990 American Express had guaranteed certain deferred-compensation payments to Lehman employees (about $62 million covered at January 31, 2002, for an annual fee of 0.625% on about 60% of the balance), and LBHI, Lehman Brothers Inc. and Lehman Commercial Paper Inc. were co-tenants with American Express companies of the leasehold of 3 World Financial Center, whose financing notes were repaid in December 2000. ¹³

documentedIn a Schedule 13G filed in February 2008, the AXA group reported beneficial ownership of 40,094,986 LBHI common shares (7.5% of the class) as of December 31, 2007, almost all of them (39,775,789 shares) held by its subsidiary AllianceBernstein L.P. for client discretionary investment advisory accounts and acquired solely for investment purposes; AXA and the Mutuelles AXA stated that the filing was not an admission of beneficial ownership. ¹⁴

documentedLBHI's September 2008 bankruptcy petition lists as holders of 5% or more of its voting securities AXA and related parties (7.25%), ClearBridge Advisors, LLC and related parties (6.33%) and FMR LLC and related parties (5.87%). ⁷

documentedIn an amended Schedule 13G (Amendment No. 1), FMR LLC reported that as of September 30, 2008 it beneficially owned 48,062 LBHI common shares (0.007% of the class) and had ceased to be the beneficial owner of more than five percent. ¹⁵

documentedThe SEC's EDGAR record for AMERICAN EXPRESS CO shows CIK 0000004962, employer identification number 134922250, incorporation in New York, SIC code 6199 (finance services), the ticker AXP on the New York Stock Exchange and an address at 200 Vesey Street, New York; it is a large accelerated filer. ¹⁶

documentedIn a Schedule 13D filed in November 2007, LBHI described itself as a holding company that, through its subsidiaries, was one of the leading global investment banks, and as the direct 100% parent of Lehman Brothers Inc. (LBI), a Delaware broker-dealer registered under Section 15 of the Securities Exchange Act at 745 Seventh Avenue, New York, and of Lehman (Cayman Islands) Ltd., a Cayman Islands company with an address at Ugland House, George Town. ¹

documentedThe same Schedule 13D reports that LBHI beneficially owned 33,663,840 shares (11.2%) of GLG Partners, Inc. common stock: Lehman (Cayman Islands) Ltd. held 33,659,998 shares received on November 2, 2007 as part of the consideration when GLG Partners, Inc. acquired the GLG Partners LP group in which it held an interest, and LBI held 692 shares and 3,150 units. ¹

documentedA database of offshore corporate records published by investigative journalists, drawn from the records of a Bermuda law firm, lists "Lehman Brothers Holdings Inc." with the address 745 Seventh Ave, New York NY 10019 (LBHI's headquarters address in 2008) as a shareholder of Wilton Re Holdings Limited, a Bermuda company incorporated on September 2, 2004. ²

qualification

The entry gives no stake, start or end date, and appearance in the database does not by itself indicate any wrongdoing.

documentedExhibit 21.01 to LBHI's annual report for the fiscal year ended November 30, 2005 lists its significant subsidiaries, omitting those that together would not be significant. Directly under LBHI it lists, among others, Lehman Brothers Inc. (Delaware), Lehman Brothers Commercial Corporation, Lehman Brothers Finance S.A. (Switzerland), Lehman Brothers OTC Derivatives Inc, Lehman Brothers Bancorp Inc., Lehman Brothers U.K. Holdings (Delaware) Inc., Lehman Re Ltd. (Bermuda), Lehman ALI Inc., Lehman Brothers Asset Management Inc and Neuberger Berman Inc.; Lehman Brothers Special Financing Inc. (Delaware) and Lehman Commercial Paper Inc (New York) are listed under Lehman Brothers Inc. ³

documentedIn the same 2005 subsidiary list, Lehman Brothers U.K. Holdings (Delaware) Inc. heads the European chain: Lehman Brothers Treasury Co. B.V. (the Netherlands) sits directly beneath it, while Lehman Brothers U.K. Holdings Ltd. leads to Lehman Brothers Holdings Plc., under which are Lehman Brothers International (Europe), Resetfan Limited (parent of Southern Pacific Mortgage Limited) and Preferred Holdings Limited (parent of Preferred Group Limited and, beneath it, Preferred Mortgages Limited). Lehman Brothers Bankhaus Aktiengesellschaft is listed under Lehman Brothers Verwaltungs-und Beteiligungsgesellschaft mbH, a German company directly under LBHI. ³

documentedThe 2005 subsidiary list places Property Asset Management Inc. (Delaware) under Lehman ALI Inc., itself a direct subsidiary of LBHI, and West Virginia's business registry still lists LEHMAN ALI INC. and PROPERTY ASSET MANAGEMENT INC as subsidiaries of LBHI at 277 Park Avenue, 46th Floor, New York, in its record, which shows annual reports up to 2019 and a termination on August 20, 2021. ^{3 4}

documentedA commercial directory of New Hampshire registrations, with data as of February 2023, shows LEHMAN ALI INC. registered there on March 11, 1998 as a foreign profit corporation (business ID 286962) whose status is administratively suspended, with its last annual report for 2019, an activity code for other mortgage-related business, and the same New York address and officers as LBHI's West Virginia record. ⁵

documentedA December 2003 SEC notice in the Federal Register states that LBHI, the ultimate parent of Lehman Brothers Inc., Lehman Brothers Asset Management Inc. and the applicant Neuberger Berman companies, acquired Lincoln Capital Fixed Income Management Company, LLC (Chicago) on January 31, 2003 and Neuberger Berman, LLC and Neuberger Berman Management Inc. (605 Third Avenue, New York) on October 31, 2003. Lehman Brothers Asset Management Inc. advised one registered fund and Lincoln Capital acted as sub-adviser to eight. ⁶

documentedBefore the acquisition, Neuberger Berman Inc.'s quarterly report for the period ended September 30, 2002 described it as a Delaware corporation (IRS employer identification number 06-1523639, 605 Third Avenue, New York) organised on August 13, 1998 as the holding company of Neuberger Berman, LLC and Neuberger Berman Management Inc.; its significant wholly owned subsidiaries were those two companies and Neuberger Berman Trust Company, N.A., and assets under management were $53.6 billion at quarter-end. ⁷

documentedAccording to the liquidators' annual report of Lehman Brothers Treasury Co. B.V. (LBT) for 2023, LBT was incorporated in the Netherlands on March 8, 1995 (Amsterdam Chamber of Commerce number 33267322) to finance the business of the Lehman Brothers group by issuing financial instruments, in particular structured notes, to institutional and retail investors. It was a wholly owned subsidiary of Lehman Brothers UK Holdings (Delaware) Inc., which was wholly owned by LBHI, the holding company of the group. ⁸

documentedAccording to Deutsche Bundesbank, LBHI conducted the group's monetary-policy operations with the Eurosystem through its German subsidiary Lehman Brothers Bankhaus AG (LBB). When the German supervisor imposed a moratorium on LBB on September 15, 2008, LBB's liabilities to the Bundesbank were about €8.5 billion, arising solely from monetary-policy refinancing operations and secured by 33 pledged securities, mainly asset-backed securities; LBHI had guaranteed LBB's liabilities. ⁹

documentedLBHI's petition lists its 30 largest unsecured claims on a consolidated basis. The largest were bond debt: about $138 billion of senior notes, for which Citibank, N.A. was indenture trustee (with The Bank of New York Mellon Corporation as trustee for the Euro Medium Term Notes), about $12 billion of subordinated debt and about $5 billion of junior subordinated debt, both with The Bank of New York Mellon Corporation as trustee. ¹⁰

qualification

The petition states that the list is not an admission of liability by the debtors and that all claims remain subject to offsets, reconciliation and other adjustments.

documentedAmong bank creditors on the same list are Aozora Bank, Ltd. (bank loan of $463,000,000), Mizuho Corporate Bank, Ltd. ($289,000,000 and $93,000,000), Citibank N.A. Hong Kong Branch ($275,000,000), BNP Paribas ($250,000,000), Shinsei Bank Ltd. ($231,000,000), UFJ Bank Limited ($185,000,000) and Sumitomo Mitsui Banking Corporation ($177,000,000), and, for letters of credit, Svenska Handelsbanken ($140,610,543) and KBC Bank ($100,000,000). ¹⁰

qualification

The amounts are the debtor's estimates as of July 2, 2008, listed in the petition, not allowed claims.

documentedExhibit A to LBHI's petition gives consolidated total assets of $639 billion and total debts of $613 billion as of May 31, 2008, debt securities held by more than 500 holders in three listed tranches of $110.553 billion, $12.625 billion and $5.004 billion ($128.182 billion in total), 694,401,926 common shares outstanding and several series of preferred stock (C, D, F, G, J, K, L, M, N, P and Q). ¹⁰

documentedIn LBHI's 2005 subsidiary list, Lehman Brothers Bancorp Inc. (Delaware) is the parent of Lehman Brothers Bank, FSB, under which are listed the mortgage companies Aurora Loan Services LLC and BNC Mortgage Inc. (both Delaware). ¹

documentedOn August 22, 2007 Lehman Brothers announced that market conditions required a substantial reduction of its subprime capacity and that it was closing its BNC Mortgage LLC subsidiary, affecting about 1,200 employees in 23 U.S. locations, with after-tax charges of about $25 million and a 100% after-tax goodwill write-down of about $27 million; it continued to originate U.S. mortgages through its Aurora Loan Services LLC platform. ²

documentedA 2010 settlement agreement filed by LBHI with the SEC describes Aurora Bank FSB, formerly Lehman Brothers Bank, FSB, as a federal savings bank supervised by the Office of Thrift Supervision and an indirect subsidiary of LBHI, wholly owned by Lehman Brothers Bancorp Inc., whose sole shareholder was LBHI; Aurora Loan Services LLC was a wholly owned subsidiary of the bank. Aurora belonged to LBHI's consolidated tax group under a tax allocation agreement of January 1, 2004. ³

documentedBefore the bankruptcy, according to the same agreement, LBHI and named subsidiaries had intercompany arrangements with Aurora Bank and Aurora Loan Services covering tax allocation, forward purchases of loans, excess servicing fees, master-servicing and subservicing rights, and a reverse-mortgage portfolio to be acquired from MetLife. In February 2009 LBHI, through Lehman Brothers Bancorp, contributed servicing rights valued at about $88.5 million to Aurora's capital, which passed them to Aurora Loan Services; the parties later acknowledged that the valuation was overstated, and Aurora and Aurora Loan Services filed claims against LBHI for the shortfall and for lost servicing fees. ³

documentedUnder the 2010 settlement, subject to approval by the Bankruptcy Court and the Office of Thrift Supervision, LBHI or named subsidiaries were to pay Aurora $577 million in cash, less $100 million LBHI had contributed to Aurora's capital in December 2009, on account of the servicing-rights shortfall and as additional capital, and to transfer further assets, including servicing rights, residential mortgage loans and notes; LBHI was also to pay Aurora $218.9 million in final settlement of their tax-allocation obligations for years before 2010. ³

documentedA form of capital maintenance agreement attached to the 2010 settlement commits LBHI, as ultimate parent, and Lehman Brothers Bancorp Inc., as parent, to the Office of Thrift Supervision to maintain the capital of the savings bank. ³

documentedA federal court publication lists Aurora Bank, FSB, Aurora Loan Services, LLC, Lehman Brothers Bank, FSB and "Lehman Brothers Holdings, Inc" among many defendants in Cabusas v. Mortgage Electronic Systems, Inc., No. 12-3000, in the U.S. District Court for the Northern District of California (2012), together with Lehman mortgage securitisation trusts. ⁴

qualification

The published listing gives neither the claims nor the outcome of the case.

documentedBNC Mortgage LLC filed its own Chapter 11 petition on January 9, 2009 (Case No. 09-10137), jointly administered with LBHI's case. ^{5 6}

outcome

The case was closed by final decree on May 4, 2020.

documentedStructured Asset Securities Corporation, a Delaware corporation (employer identification number 74-2440858) at 1271 Avenue of the Americas, New York, filed a voluntary Chapter 11 petition in the Southern District of New York signed on February 9, 2009, after its board approved the filing by unanimous written consent on January 30, 2009; the resolutions were certified by William Fox as its chief financial officer, and the schedule of affiliated debtors names LBHI as its parent. ^{7 6}

outcome

Its case (No. 09-10558) was closed by final decree on February 11, 2019.

documentedCompanies House records show a parallel sequence of controlling shareholders (75% or more of shares and votes, with power to appoint directors) for the two U.K. mortgage lenders listed in LBHI's 2005 subsidiary list: Southern Pacific Mortgage Limited (03266119) was controlled by Resetfan Limited and Preferred Mortgages Limited (03137809) by Preferred Group Limited from April 6, 2016, when such reporting began, until February 22, 2018; both were then controlled by Mable Commercial Funding Limited until August 9, 2024, and since then by Southern Pacific Holdings Limited. ^{8 9}

qualification

The register does not say who owns the later parent companies or whether they belong to the Lehman group.

documentedThe GLEIF record for SOUTHERN PACIFIC MORTGAGE LIMITED (LEI 254900KU8XA8CBZZYK80, Companies House number 03266119, created October 15, 1996) shows an active company at 1 Chamberlain Square Cs, Birmingham B3 3AX, the LEI first issued on January 5, 2018 and now lapsed; for both its direct and its ultimate parent the record links only to a reporting exception, whose reason is not in the retained copy. ¹⁰

documentedCompanies House lists 41 officer appointments for PREFERRED MORTGAGES LIMITED, with 38 resignations. Its current directors are Lee Christopher Brandon (since June 17, 2010) and Anthony James Mines and Melgard-Jo Smuts (both since August 22, 2024); company secretaries in the Lehman years included Clifford Chance Secretaries companies (2003–2010). ¹¹

documentedAs defined in a 2014 court declaration by the investors' lead counsel, a Repo 105 was a repurchase agreement that Lehman accounted for as a sale instead of a financing, which removed the assets from Lehman's balance sheet; Lehman then used the cash received to pay down other liabilities, reducing the size of its balance sheet and its net leverage ratio. The name refers to the 5% overcollateralization Lehman provided; Repo 108 transactions were similar with 8%. ¹

documentedOn April 15, 2015 the New York Attorney General announced a $10 million settlement of People v. Ernst & Young LLP, the December 2010 Martin Act case over Ernst & Young's role as Lehman's auditor in an alleged fraud involving Repo 105 transactions; most of the money was to go to Lehman investors as restitution, alongside about $99 million Ernst & Young was paying to settle a private federal class action, and the rest to the State for its costs. The Attorney General stated that no other law enforcement authority had brought an enforcement action in connection with the 2008 collapse of Lehman, and that an appellate decision in the case had confirmed the Attorney General's power to seek disgorgement of professional fees. ⁵

documentedLBHI's 2002 proxy statement names Ernst & Young LLP as its independent auditor, proposed for reappointment for fiscal 2002; for fiscal 2001 Ernst & Young billed $5,750,000 in audit fees and $7,700,000 in other fees ($6,100,000 for audit-related services and $1,600,000 for other non-audit services). The Audit Committee was chaired by Roger S. Berlind, with Michael L. Ainslie and Thomas H. Cruikshank as members. ⁶

documentedErnst & Young's consent of May 2006 to an LBHI registration statement refers to its reports of February 13, 2006 on LBHI's consolidated financial statements and internal control for the year ended November 30, 2005. A consent dated January 28, 2008, filed with LBHI's annual report for fiscal 2007, covers the auditors' reports of that date on the 2007 financial statements and internal control; the retained copy does not show the firm's name, which the investors' complaint identifies as Ernst & Young, together with its reviews of the quarterly reports up to the second quarter of 2008. ^{7 8}

documentedAn annex to LBHI's Schedule 13D of November 2007 lists the board of directors of LBHI with their principal occupations: Michael L. Ainslie (private investor and former president and chief executive of Sotheby's Holdings), John F. Akers (retired chairman of International Business Machines Corporation), Roger S. Berlind (theatrical producer), Thomas H. Cruikshank (retired chairman and chief executive of Halliburton Company), Marsha Johnson Evans (retired rear admiral, U.S. Navy), Richard S. Fuld, Jr. (chairman and chief executive officer), Sir Christopher Gent (non-executive chairman of GlaxoSmithKline Plc), Roland A. Hernandez (retired chairman and chief executive of Telemundo Group, Inc.), Henry Kaufman (president of Henry Kaufman & Company, Inc.) and John D. Macomber (principal of JDM Investment Group). ¹

documentedThe same annex lists LBHI's executive officers in November 2007: Richard S. Fuld, Jr. (chairman and chief executive officer), Scott Freidheim and Ian Lowitt (co-chief administrative officers), Joseph M. Gregory (president and chief operating officer), Christopher O'Meara (chief financial officer and controller) and Thomas A. Russo (chief legal officer). ¹

documentedThe annex lists the board of directors of Lehman Brothers Inc. in November 2007 as Thomas Cruikshank, Howard L. Clark, Jr. (vice chairman), Frederick Frank (vice chairman) and Richard S. Fuld, Jr. (chairman and chief executive officer). ¹

documentedAccording to the Federal Reserve Bank of New York's March 28, 2005 announcement of his election as one of its three Class B directors for a three-year term, Richard S. Fuld, Jr. had been chairman of LBHI's board since 1994 and its chief executive officer since 1993, and chaired Lehman's Executive Committee; he had been president and chief operating officer in 1993–1994, president and co-chief executive of the Lehman Brothers Division of Shearson Lehman Brothers Inc. from 1990 to 1993 and a vice chairman of Shearson Lehman Brothers from 1984 to 1990. He had been a director of Lehman Brothers Inc. since 1984 and of LBHI since 1990, and joined Lehman Brothers in 1969. ²

documentedLBHI's 2002 proxy statement gives the directors' board service: Roger S. Berlind since 1985 (chairman of the Audit Committee and also a director of Lehman Brothers Inc.), John D. Macomber since 1994 (chairman of the Compensation and Benefits Committee), Henry Kaufman since 1995 (chairman of the Finance Committee), and Michael L. Ainslie, John F. Akers and Thomas H. Cruikshank since 1996. It describes Akers as chairman and chief executive of IBM from 1985 until May 1, 1993, Cruikshank as chairman and chief executive of Halliburton from 1989 to 1995, Ainslie as chief executive of Sotheby's from 1984 to 1994 and Macomber as principal of JDM Investment Group since 1992. ³

documentedThe 2002 proxy statement discloses that throughout fiscal 2001 LBHI had a consulting agreement with Henry Kaufman & Company, Inc., of which director Henry Kaufman is a principal, for advice on global initiatives and economic forecasts at a fee of $12,500 a month, expiring in April 2002 subject to renewal. ³

documentedA September 20, 2007 news report states that Lehman named Erin Callan chief financial officer, replacing Christopher O'Meara, CFO since December 2004 and with the firm since 1994, who was to become global head of risk management; the changes took effect on December 1, 2007, with Callan, at Lehman since 1995, joining the executive committee. ⁴

documentedBiographical profiles describe Erin M. Callan as an associate at Simpson Thacher & Bartlett from 1990 to 1995 before joining Lehman in 1995, a managing director from 2000, head of its Global Finance Solutions group from 2003 to 2006, and executive vice president and chief financial officer of LBHI in 2007–2008, the first woman to join the bank's executive committee. ^{5 6}

documentedOn June 12, 2008 LBHI announced that Herbert H. McDade III had been appointed president and chief operating officer, succeeding Joseph Gregory, and that Ian T. Lowitt had been appointed chief financial officer, principal accounting officer and principal financial officer, succeeding Erin M. Callan. A markets reference describes the change as following shortly after Lehman announced an unexpectedly large second-quarter loss of nearly $3 billion and states that Gregory and Callan stayed at the bank in other jobs. ^{7 8}

documentedErin M. Callan signed LBHI's Form 8-K of June 9, 2008 as chief financial officer and controller, and Ian T. Lowitt signed its Form 8-K of June 16, 2008, on the results of the quarter ended May 31, 2008, in the same capacity; LBHI's 8-K of June 17, 2008 was signed by James J. Killerlane III as vice president and assistant secretary. ^{9 10 7}

documentedLBHI's June 2008 report on the appointments states that Herbert H. McDade III, like Ian T. Lowitt, was a limited partner in various investment partnerships of which LBHI, directly or through a subsidiary, was the general partner; McDade's distributions of profits from them in fiscal 2007 were $85,420. ⁷

documentedAccording to a markets reference, Joseph M. Gregory joined Lehman in 1974 as a commercial paper trader, held management positions in fixed income from 1980 to 1991 including head of the mortgage business, was co-head of the Fixed Income division from 1991 to 1996, head of Global Equities from 1996 to April 2000, chief administrative officer from April 2000 to May 2002, co-chief operating officer from May 2002 to May 2004 and president and chief operating officer of LBHI from 2004 until June 2008, and was a member of the executive committee. ⁸

documentedA 2004 magazine profile describes Herbert "Bart" McDade III as a managing director who joined Lehman in 1983 in corporate bond trading, became global head of debt capital markets in 1998 and co-head of the fixed income division in 2000, and was global head of fixed income of Lehman Brothers Holdings Inc. from 2002, a member of the Executive Committee and chairman of the Bond Market Association. ¹¹

documentedAccording to an online encyclopedia article, Scott Freidheim joined Lehman Brothers' investment banking division in 1991, became vice president in the office of chairman Richard S. Fuld Jr. in 1996, and was appointed co-chief administrative officer in October 2006. ¹²

documentedA nonprofit organisation's trustee profile states that Thomas A. Russo was chief legal officer of Lehman Brothers Holdings from January 1993 to December 2008 and later executive vice president and general counsel of American International Group, Inc. from February 2010 to November 2016; before Lehman he was a senior partner of Cadwalader, Wickersham & Taft. ¹³

documentedAccording to an online encyclopedia article, Howard L. Clark Jr. joined American Express in 1981 and became its chief financial officer in 1985, was chairman and chief executive of Shearson Lehman Brothers, Inc. from 1990 to 1993 and vice chairman of Lehman Brothers from 1993 to 2008, and then vice chairman of Barclays Capital; he died in April 2020. ¹⁴

documentedAccording to an online encyclopedia article, Frederick Frank joined Lehman Brothers as a partner in October 1969 and became a vice chair in 1995; after Barclays Capital acquired the business in September 2008 he became a vice chair of Barclays Capital, and in March 2009 vice chairman of Peter J. Solomon Company. ¹⁵

documentedLBHI reported that on June 2, 2008 Standard & Poor's lowered its counterparty credit ratings on LBHI from "A+/A-1" to "A/A-1" in a global review of the securities industry, keeping a negative outlook, and that on June 3, 2008 LBHI bought back 1.3 million of its shares in the open market at an average price of $31.88 under its stock repurchase program. ¹

documentedLBHI's press release attached to its June 9, 2008 Form 8-K, with amounts estimated as of May 31, 2008, stated that in the second fiscal quarter the firm grew the holding company liquidity pool to about $45 billion from $34 billion, decreased gross assets by about $130 billion and net assets by about $60 billion, reduced gross leverage to under 25.0x from 31.7x and net leverage to under 12.5x from 15.4x, completed its fiscal 2008 unsecured funding plan, and raised long-term capital through $4 billion of convertible preferred stock in April and about $5.5 billion of long-term debt. It estimated stockholders' equity at $26 billion, long-term capital at about $156 billion and book value at about $34 a share. ²

qualification

The release described the figures as preliminary estimates; the examiner later calculated that without Repo 105 Lehman's second-quarter net leverage would have been 13.9 rather than the 12.1 it reported.

documentedOn September 10, 2008 LBHI issued a press release on its expected third-quarter results, furnished on Form 8-K and signed by Ian T. Lowitt as chief financial officer, controller and executive vice president. ³

documentedThe examiner's report states that Lehman failed because it could not retain the confidence of its lenders and counterparties and did not have enough liquidity to meet its current obligations, after business decisions had left it with heavy concentrations of illiquid assets of deteriorating value, such as residential and commercial real estate; confidence was further eroded when attempts to form strategic partnerships failed and when it reported losses of $2.8 billion in the second quarter and $3.9 billion in the third quarter of 2008 without any definitive survival plan. ⁴

documentedAt a special meeting on September 14, 2008 LBHI's board resolved that the company file a petition under Chapter 11 and engage Weil, Gotshal & Manges LLP as its attorneys, as certified by Ian T. Lowitt, chief financial officer, controller and executive vice president, who also signed the voluntary petition as authorised individual. LBHI's case was commenced on September 15, 2008 in the U.S. Bankruptcy Court for the Southern District of New York, and affiliated debtors filed periodically thereafter; the cases are jointly administered as In re Lehman Brothers Holdings Inc. et al., Case No. 08-13555. ^{5 6 7}

outcome

The court confirmed the plan on December 6, 2011 and it became effective on March 6, 2012; LBHI's own case was still active in 2026, when it filed a monthly operating report for August 2026 on September 30, 2026.

documentedOn September 16, 2008 LBHI, Lehman Brothers Inc. and LB 745 LLC agreed to sell to Barclays Capital Inc. for $1,540,000,000 the assets of Lehman's North American investment banking, fixed income and equities sales, trading and research operations and its private investment management business, together with the equity of Lehman Brothers Canada, Lehman Brothers Sudamerica and Lehman Brothers Uruguay, the 745 Seventh Avenue headquarters and two New Jersey data centers; the price comprised $250 million in cash plus assumed liabilities and $1.29 billion for the real estate. The Bankruptcy Court approved the sale under section 363 on September 20, 2008, it closed on September 22, 2008, and about 10,000 employees were expected to join Barclays; Lehman kept its other subsidiaries and its asset management business other than private investment management. ⁸

documentedTo fund its operations in Chapter 11, LBHI entered into a $450 million senior secured superpriority debtor-in-possession credit agreement dated September 17, 2008 with Barclays Bank PLC as administrative agent, collateral agent and lender, consisting of a $250 million term loan and a $200 million revolving facility, bearing interest at a base rate plus 5.00% (6.50% from the 60th day) or an adjusted eurodollar rate plus 6.00% (7.50% from the 60th day). ⁸

documentedUnder a letter agreement of September 22, 2008 among Barclays, The Depository Trust & Clearing Corporation (DTCC) for itself and its clearing subsidiaries, and the trustee of Lehman Brothers Inc., the trustee instructed the clearing subsidiaries to close out Lehman Brothers Inc.'s pending transactions, and $250 million of the price Barclays paid for the business was paid to DTCC as collateral against losses, with any remainder to be remitted to the trustee. ⁸

documentedOn September 19, 2008 the Securities Investor Protection Corporation commenced a case under the Securities Investor Protection Act with respect to Lehman Brothers Inc. in the U.S. District Court for the Southern District of New York, which appointed James W. Giddens as trustee and referred the case to the Bankruptcy Court; on September 18, 2008 the U.S. antitrust agencies had granted early termination of the Hart-Scott-Rodino waiting period for the Barclays sale. ^{9 8}

outcome

The SIPA case was closed by the court's order of September 28, 2022; according to the trustee, former securities customers were satisfied at 100% of their net equity, secured, priority and administrative creditors were paid in full, and general unsecured creditors received at least 41.2841%.

documentedLehman Brothers Special Financing Inc. (LBSF), a Delaware corporation (employer identification number 11-2751029) at 745 Seventh Avenue, New York, filed its voluntary Chapter 11 petition on October 3, 2008, after a special board meeting that day; the petition and resolutions were signed by Bryan Marsal as chief restructuring officer, with Weil, Gotshal & Manges LLP as attorneys. Its schedule of affiliated debtors describes LBHI as LBSF's indirect parent. ^{1 2}

outcome

LBSF's case was closed by final decree on July 1, 2021.

documentedLehman Commercial Paper Inc. (LCPI), a Delaware corporation (employer identification number 13-2501865) at 745 Seventh Avenue, New York, filed its Chapter 11 petition on October 5, 2008 under a board resolution adopted at a special meeting that day; David Coles signed the petition and certified the resolution as its chief financial officer. Its schedule of affiliated debtors describes LBHI as LCPI's indirect parent. ^{3 2}

outcome

LCPI's case was closed by final decree on May 4, 2020.

documentedA 2010 settlement agreement filed by LBHI with the SEC describes Lehman Commercial Paper Inc. and Lehman Brothers Special Financing Inc. as wholly owned subsidiaries of LBHI. ⁴

documentedAccording to a September 2010 law-firm summary, Bryan Marsal, co-chief executive of Alvarez & Marsal and LBHI's chief restructuring officer, presented A&M's State of the Estate report on September 22, 2010: about $1.2 trillion of general unsecured claims had initially been filed against the debtors, adjusted outstanding claims stood at $464 billion, allowed general unsecured claims were estimated at $365 billion and assets available for distribution at $57.5 billion, and the debtors were targeting plan confirmation in the first quarter of 2011. ⁵

documentedOn December 6, 2011 Bankruptcy Judge James M. Peck entered the order confirming the Modified Third Amended Joint Chapter 11 Plan of LBHI and its affiliated debtors. The plan consists of 23 separate plans, one for each debtor, and does not substantively consolidate the debtors; it has 161 classes of claims and interests, 17 of them against LBHI. It was accepted by 71,553 creditors asserting about $400 billion of claims, 95% in number and 98.68% in amount of those voting. ^{6 7 8}

documentedThe confirmation order lists 23 debtors: LBHI and LB 745 LLC, PAMI Statler Arms LLC, Lehman Brothers Commodity Services Inc., Lehman Brothers Special Financing Inc., Lehman Brothers OTC Derivatives Inc., Lehman Brothers Derivative Products Inc., Lehman Commercial Paper Inc., Lehman Brothers Commercial Corporation, Lehman Brothers Financial Products, Inc., Lehman Scottish Finance L.P., three CES Aviation companies, East Dover Limited, Luxembourg Residential Properties Loan Finance S.a.r.l., BNC Mortgage LLC, Structured Asset Securities Corporation and five real-estate holding companies (LB Rose Ranch LLC, LB 2080 Kalakaua Owners LLC, Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC). ^{8 2 9}

outcome

By June 30, 2025 every case except LBHI's had been closed by final decree, among them those of Lehman Brothers Commodity Services Inc. and Lehman Brothers Commercial Corporation on February 11, 2019 and Lehman Brothers OTC Derivatives Inc. on May 4, 2020.

documentedThe confirmation order describes the plan as an integrated settlement of the plan issues, including whether the debtors should be substantively consolidated. Its terms include distributions to LBHI on only 80% of its claims against the subsidiary debtors relating to intercompany funding, reallocation of the first $100 million distributed to LBHI on its claims against LBSF and LCPI to those subsidiaries' general unsecured creditors, and allowance of the intercompany claim of Lehman Brothers Treasury Co. B.V. against LBHI at $34.548 billion. ^{8 7}

documentedAccording to the confirmation order, insolvency or liquidation proceedings were opened for 80 of the debtors' foreign affiliates in 16 jurisdictions following the commencement of the Chapter 11 case on September 15, 2008. The debtors made settlement agreements with Lehman Brothers Bankhaus AG, Lehman Brothers Treasury Co. B.V., Lehman Brothers Securities N.V., Lehman Brothers International (Europe) and the U.K., Luxembourg, Hong Kong, Singapore and Japanese Lehman entities, and with Deutsche Bundesbank, the German banks' association and deposit-protection scheme, and Deutsche Bank. Many foreign affiliates had asserted guarantee claims against LBHI, whose enforceability LBHI challenged; the settlements allowed their claims at amounts substantially below those asserted and reduced claims against the debtors by more than $295 billion. ⁸

documentedThe plan proponents named in the confirmation order include an ad hoc group of creditors, among them the California Public Employees' Retirement System, Paulson & Co. Inc. and Canyon Capital Advisors LLC, and the "Non-Con Plan Proponents", among them Goldman Sachs Bank USA, Goldman Sachs International, Morgan Stanley & Co. International plc, Deutsche Bank AG, Credit Suisse International, The Royal Bank of Scotland plc, State Street Bank and Trust Company and Credit Agricole CIB. ⁸

documentedLBHI's December 2011 report on the confirmed plan states that under the settlement the Racers 2007-A Trust would have allowed claims of $1,947,735,000 against LBSF and $5 billion against LCPI and an allowed guarantee claim of $1,947,735,000 against LBHI, with all other claims of the Racers trusts disallowed, and that LBHI's unsecured claims against LCPI based on the Fenway transactions would be allowed at $230 million. ⁷

documentedUnder the confirmation order's schedule of claims of debtor-controlled entities, LB Re Financing No. 2 Limited received an allowed claim against LBHI of $6,761,074,231 in LBHI Class 4A, superseding its filed claim, and under the Debtor Allocation Agreement LBSF has an allowed administrative expense claim of $300 million against LBHI. ⁸

documentedOn November 23, 2011 LBHI and Lehman Commercial Paper Inc. entered into a settlement agreement with Deutsche Bank AG and the investment firms Monarch Alternative Capital LP, Stone Lion Portfolio L.P., Permal Stone Lion Fund Ltd., Centerbridge Credit Advisors LLC and Anchorage Capital Group, L.L.C., holders of participations in claims Nos. 59006 and 58233; the settlement with Deutsche Bank takes into account the relative strengths of the arguments over the classification of certain claims and the interpretation of the agreements under which they were settled and allowed. ^{7 8}

documentedThe confirmation order provides that after the effective date the boards of LBSF and LCPI each consist of three directors: two serving LBHI directors selected by LBHI's board (one of them acceptable to the creditors who proposed the subsidiaries' plans) and a third selected by those two and independent of LBHI; every other subsidiary debtor has a single director who is a member of LBHI's board. ⁸

documentedThe confirmation order does not preclude the court-appointed lead plaintiffs in In re Lehman Brothers Equity/Debt Securities Litigation (08-05523) and In re Lehman Brothers Mortgage Backed Securities Litigation (08-6762) from seeking the court's leave to pursue their claims against the debtors solely to collect from available insurance proceeds, with the debtors' rights to object preserved, and it preserves all rights of the debtors, the SIPA trustee of Lehman Brothers Inc., Barclays Bank PLC and Barclays Capital Inc. in disputes over the Barclays sale order. ⁸

documentedThe plan became effective on March 6, 2012. On that date all LBHI common and preferred stock was cancelled and one new share, representing all of LBHI's capital stock, was issued to the Lehman Brothers Holdings Inc. Plan Trust to hold for the benefit of the former stockholders; former stockholders received only non-transferable beneficial interests in the trust, and since all creditors must be paid in full before any distribution to the trust, LBHI does not expect holders of those interests to receive any distributions. On the same day LBHI filed Form 15 to terminate the registration of its common stock and other equity securities. ⁶

documentedA federal court publication lists adversary proceeding 10-3547, Lehman Brothers Special Financing Inc. v. Bank of America National Association et al., in the U.S. Bankruptcy Court for the Southern District of New York, with an opinion published on June 28, 2016. LBSF is the plaintiff; the defendants include Bank of America National Association, Bank of New York Corporate Trustee Services Ltd., Citibank, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association, together with numerous issuers and co-issuers of collateralised debt obligation series, which are not listed here. ¹⁰

qualification

The publication gives neither the subject of the claims nor the result of the opinion.

documentedThe indenture trustee's notices to holders of LBHI's senior securities issued under the indenture of September 1, 1987 begin with a notice of an event of default dated October 2008 and continue with notices of each plan distribution, the latest for the thirty-third distribution on October 1, 2026. ¹

documentedAccording to the indenture trustee's notice of June 13, 2012, the trustee filed a consolidated claim against LBHI on behalf of the senior noteholders on September 2, 2009 (Claim Number 10082), classified as a Class 3 senior unsecured claim, for which, at the time of the notice, the debtors estimated a recovery of 21.1%; the first distribution to the trustee was made on April 17, 2012, with further distributions of available cash twice a year if they total at least $10,000,000. ²

documentedThe trustee's notice for the thirty-third plan distribution, made on October 1, 2026, gives the senior noteholders' allowed claim as $48,783,940,671.72. Earlier distributions to the trustee totalled $22,877,037,339.32 after deduction of amounts payable to the trustee under its charging lien, and the notice puts them at 46.81904% of the allowed claim; the thirty-third added $3,991,978.72 (0.008170%), bringing cumulative distributions to 46.827210%. ^{3 1}

documentedLBHI's quarterly financial report as of June 30, 2025 states that through the thirtieth plan distribution, on April 3, 2025, the debtors had distributed $129.4 billion to creditors, of which $96.4 billion was paid on claims owned or formerly owned by third-party creditors. ⁴

qualification

LBHI states that its quarterly financial reports are not prepared under U.S. generally accepted accounting principles and are not audited or reviewed by independent accountants.

documentedThe same report estimates total recoveries on LBHI's allowed claims of 46.859% for senior unsecured claims (Class 3, $82,521 million allowed), 37.767% for senior affiliate claims (Class 4A, $33,537 million), 29.487% for senior third-party guarantee claims (Class 5) and 43.864% for general unsecured claims (Class 7), with nothing for the subordinated Classes 10A to 10C; estimated future cash distributions were $203 million. ⁴

qualification

LBHI states that its quarterly financial reports are not prepared under U.S. generally accepted accounting principles and are not audited or reviewed by independent accountants.

documentedLBHI's unaudited balance sheet as of June 30, 2025 shows total assets of $248 million, consisting of $99 million of cash and short-term investments, $9 million of financial instruments and other assets, $7 million of investments in affiliates and $133 million due from affiliates (of which $130 million from non-controlled affiliates), against liabilities subject to compromise of $128,170 million and stockholders' equity of minus $127,936 million. ^{4 5}

qualification

LBHI states that its quarterly financial reports are not prepared under U.S. generally accepted accounting principles and are not audited or reviewed by independent accountants.

documentedAs plan administrator, LBHI continues to file quarterly financial reports with balance sheets and cash-flow estimates for itself and the debtor-controlled entities with the Bankruptcy Court and furnishes them through the Plan Trust's Form 8-K filings, for example on September 6, 2024 (as of June 30, 2024) and August 28, 2025 (as of June 30, 2025). These reports are not prepared under generally accepted accounting principles, are not audited or reviewed and will not be audited in future. ^{6 5}

documentedAt June 30, 2025 LBHI's own case, No. 08-13555, was the only one of the 23 debtors' cases still open; the others had been closed by final decrees, including those of Lehman Brothers Commodity Services Inc., Lehman Brothers Commercial Corporation and Structured Asset Securities Corporation on February 11, 2019, Lehman Brothers OTC Derivatives Inc., Lehman Commercial Paper Inc. and BNC Mortgage LLC on May 4, 2020, and Lehman Brothers Special Financing Inc. on July 1, 2021. ^{4 7}

documentedThe claims agent's docket for Case No. 08-13555 before Judge David S Jones listed 61,928 entries as of mid-October 2026; recent entries include LBHI's Chapter 11 monthly operating report for August 2026, filed on September 30, 2026, a September 24, 2026 notice of the thirty-third plan distribution and continuing notices of claim transfers. ^{8 7}

documentedIn a declaration of November 11, 2019, Anton Kolev, testifying in his capacity as LBHI's treasurer, described a claims consolidation auction authorised under a court procedures order (ECF No. 59928): the plan administrator approached about 30 potential sponsors and selected BKM Holdings (Cayman) Ltd. for LBHI Classes 3, 4B and 8, Seaport Loan Products LLC for Classes 4A and 5, and Emery 68, L.L.C. for Classes 7 and 9A, each offering to buy eligible claims at a stated percentage. ⁹

documentedAccording to a 2016 case study published by Alvarez & Marsal, A&M took over management of the Lehman estate's assets, including a global real estate portfolio marked at $23 billion, made up of senior and mezzanine loans, joint-venture equity, real estate owned and development assets, much of which Lehman had encumbered through repurchase agreements and pledges before the bankruptcy. ¹⁰

documentedLBHI's 2025 report describes a suit filed in New York State Supreme Court in July 2017 by 2138747 Ontario Inc., formed by the founder of Skypower Corp., against LBHI and Ontario's former law firm, seeking at least $175 million for failing to document and convey claims of LB Skypower Inc., an indirect non-debtor subsidiary of LBHI, against Samsung; the court dismissed all claims except breach of contract against LBHI. ⁴

response

LBHI and the other defendant moved to dismiss, and both sides moved for summary judgment on liability.

outcome

The parties reached an agreement to resolve the matter in July 2025.

documentedFor U.S. federal income tax purposes the LBHI Plan Trust is treated as a liquidating trust taxable as a grantor trust, whose grantors are the former LBHI stockholders; each beneficiary is treated as directly owning its share of the Plan Trust Stock in line with its former priority and economic entitlements. The trust's statement for 2025 gives its address as 420 Lexington Avenue, Suite 1402, New York, and its sole asset as the single LBHI share issued on March 6, 2012. ^{11 12}

documentedEffective September 15, 2008 LBHI engaged Alvarez & Marsal North America, LLC (A&M), a management consulting firm, under an engagement letter approved by LBHI's board on September 16, 2008 and subject to Bankruptcy Court approval. Bryan P. Marsal was to act as chief restructuring officer, with additional A&M personnel, to review LBHI's finances, assist with asset sales and restructuring plans and serve as principal contact with creditors, reporting to the chief executive and the board. LBHI agreed to pay $850 an hour for Marsal and $175 to $850 an hour for other staff, a $2,500,000 retainer and an incentive fee to be agreed within 90 days. The letter was signed for A&M by Marsal as managing director and for LBHI by Steven Berkenfeld as vice president; the chief restructuring officer and A&M staff remained A&M employees. ^{1 2}

documentedLBHI's September 2008 report describes Bryan P. Marsal as co-chief executive officer of A&M, which he co-founded in 1983, and as former chief restructuring officer of HealthSouth; it states he had no family relationship with any LBHI director or executive officer. A&M's own materials describe Marsal as chief executive and co-founder of Alvarez & Marsal and state that he served for three years as chief executive of Lehman Brothers during its bankruptcy. ^{1 3 4}

documentedAlvarez & Marsal states on its website that it was founded in 1983 by Tony Alvarez II and Bryan Marsal, is privately held with more than 10,000 staff in over 80 offices in 39 countries, and was selected in 2008 to lead the global wind-down of Lehman Brothers after its bankruptcy. ⁵

qualification

This is A&M's own description of its work for Lehman.

documentedOn February 26, 2009 the Executive Committee of LBHI's board elected William J. Fox controller and treasurer with immediate effect, and chief financial officer and executive vice president once Office of Thrift Supervision requirements were met; he succeeded David Coles, who resigned as chief financial officer, controller, treasurer and executive vice president on February 23, 2009. Fox, an LBHI vice president from November 2008 and senior vice president from January 2009, was elected under the A&M engagement letter and remained employed by A&M, which LBHI paid for his services. ⁶

documentedLBHI's February 2009 report states that William J. Fox had been a managing director of A&M since April 2008. A&M's profile of David Coles describes him as a managing director of A&M's restructuring practice in New York who served as chief financial officer of Lehman Brothers Holdings Inc. during the initial crisis management of the case. ^{6 7}

documentedA&M's profile of John Suckow states that he was a managing director of A&M from 2002 to 2022, holding positions including A&M's chief operating officer and chief executive officer of Lehman Brothers Holdings Inc., and is now a senior advisor with A&M in New York. ⁸

documentedUnder the plan, the members of the Director Selection Committee, set up by a Bankruptcy Court order of December 2, 2011 to choose LBHI's initial board, became the trustees of the Plan Trust, each acting only in a representative capacity: Rutger Schimmelpenninck as co-bankruptcy trustee of Lehman Brothers Treasury Co. B.V.; Dr. Michael C. Frege as insolvency administrator of Lehman Brothers Bankhaus AG; John Suckow as president and designee of LBHI; Julie Becker of Wilmington Trust, N.A. and Noel P. Purcell of Mizuho Corporate Bank, Ltd. as co-chairs of the unsecured creditors' committee; C.F. "Terry" Wolfe as designee of the Ad Hoc Group of Lehman Brothers Creditors; Justin Slatky as designee of the Opco Plan Proponents; and Joseph Izhakoff and Myron Kaplan as designees of certain plan-support creditors. ^{9 10}

documentedA form of the Plan Trust Agreement filed with the SEC in December 2011 named the same first five trustees but four different creditor designees; the trust was to be a liquidating trust holding the Plan Trust Stock for the former stockholders. ¹¹

documentedOn the effective date, March 6, 2012, Michael L. Ainslie, John F. Akers, Roger S. Berlind, Thomas H. Cruikshank, Marsha Johnson Evans, Sir Christopher Gent, Roland A. Hernandez and John D. Macomber ceased to be directors of LBHI, and Frederick Arnold, Robert G. Gifford, Thomas A. Knott, Sean O. Mahoney, David Pauker, Ronald K. Tanemura and Owen D. Thomas were appointed directors under the plan. ⁹

documentedLBHI's new board set up eight committees in March 2012: Derivatives (Tanemura, Pauker, Knott), Private Equity and Investments (Mahoney, Knott), Real Estate (Gifford, Thomas), Loans and Banks (Knott, Arnold, Tanemura), Claims and Litigation (Pauker, Mahoney, Arnold), Non-Controlled Affiliates (Pauker, Mahoney, Arnold, Tanemura), Compensation (Mahoney, Thomas, Gifford) and Finance (Arnold, Thomas, Tanemura). ⁹

documentedBryan Marsal resigned as chief executive officer and chief restructuring officer of LBHI effective March 6, 2012 and became a senior advisor to LBHI; on March 8, 2012 John Suckow, president and chief operating officer since April 6, 2009, was elected chief executive officer and president. William J. Fox signed LBHI's report of March 12, 2012 as chief financial officer and executive vice president. ⁹

documentedOn March 8, 2012 LBHI's board approved a form of indemnification agreement for the directors of LBHI and of its subsidiaries Lehman Commercial Paper Inc. and Lehman Brothers Special Financing Inc. ⁹

documentedOwen D. Thomas was chairman of LBHI's board from March 2012. Boston Properties announced on March 11, 2013 that he would become its chief executive officer and a director on April 2, 2013, describing him as having overseen at LBHI the sale of Archstone Enterprise LP to Equity Residential and AvalonBay Communities for $15 billion after working at Morgan Stanley from 1987 to 2011. BXP's current profile describes him as its chairman and chief executive, a director of Lehman Brothers Holdings and its first chairman from 2012 until 2013. ^{12 13}

documentedLater company statements show several plan-appointed directors still on LBHI's board: a 2019 SEC filing by an investor describes Ronald K. Tanemura, a former Goldman Sachs partner and global co-head of credit derivatives, as a director of post-reorganization LBHI since March 2012; a 2016 corporate press release describes David Pauker, executive managing director of Goldin Associates, LLC from 2002 to 2015, as a member of the Lehman Brothers board appointed under the bankruptcy plan; a later employer's board biography states that Sean Mahoney, a former Goldman, Sachs & Co. partner, has served on the board of post-bankruptcy LBHI since 2012 and has been its chair; and CBL & Associates Properties' board page lists Robert G. Gifford as serving on the board of Lehman Brothers Holding, Inc. ^{14 15 16 17}

documentedCBL & Associates Properties, Inc. reported that when it emerged from Chapter 11 on November 1, 2021, Robert G. Gifford joined its eight-member board, chairing the compensation committee and sitting on the audit and nominating committees. ¹⁸

documentedA financial-data aggregator's profile describes Thomas A. Knott as a director of Lehman Brothers Holdings, Inc. and a managing director of Advent Global Opportunities Management LLC, previously a vice president and analyst at The Baupost Group, co-founder of the hedge fund K Capital Partners and a former director of Neuberger Berman. ¹⁹

qualification

The profile is undated, and no primary record confirms that Knott still holds these roles.

documentedStatements published by the trustees' employers and in an interview describe their backgrounds: Myron Kaplan, a founding partner of the law firm Kleinberg, Kaplan, Wolff & Cohen, P.C., became a trustee of the Lehman Brothers Plan Holding Trust in 2012; Justin W. Slatky joined Shenkman Capital in 2011, where he is president and chief investment officer, after co-heading Goldman Sachs' distressed bond business; and Noel Purcell, head of real estate and specialized finance at Mizuho Bank, co-chaired the nine-member unsecured creditors' committee in the Lehman bankruptcy. ^{20 21 22}

documentedThe indenture trustee's notice of June 13, 2012 names Julie J. Becker of Wilmington Trust Company as the contact for the trustee of LBHI's senior notes. ²³

documentedWest Virginia's business registry record for LBHI, which shows annual reports up to 2019 and a termination on August 20, 2021, lists directors Clifford Feibus and Jeffry Ciongoli, president Christopher O'Meara, secretary Matthew Canter, treasurer Anton Kolev and vice-president Linda A. Klang, who is also the agent for service of process, all listed at LBHI's principal office address in New York. ²⁴

qualification

The registry gives no appointment dates and does not identify whether the president listed is the former chief financial officer of the same name; the plan-appointed board of 2012 does not appear in this record.

documentedLBHI acts as plan administrator for the Plan Trust; the trust's Form 8-K of September 6, 2024 was signed on its behalf by LBHI as plan administrator through Jeffry Ciongoli, senior vice president and co-treasurer. ²⁵

documentedA 2024 trade-press report describes Steven Berkenfeld as having spent 21 years at Lehman Brothers, where he was chief investment officer. ²⁶

documentedThe GLEIF record for LEI 724500T0F0L76GZEZQ58 gives the legal name Lehman Brothers Treasury Co. B.V. in liquidatie, registration number 33267322 in the Dutch trade register, Netherlands jurisdiction, creation on March 8, 1995 (local time) and a legal address at Johan Cruijff Boulevard 129, Amsterdam; the entity status is active and a reporting exception is declared for parent information. ¹

documentedAccording to LBT's 2023 annual report, the Amsterdam District Court declared LBT bankrupt on October 8, 2008, appointing Rutger Schimmelpenninck and, from October 13, 2009, Frédéric Verhoeven as bankruptcy trustees. ²

outcome

LBT offered a composition plan to its creditors on December 10, 2012, which the court confirmed on March 22, 2013; it took effect on April 3, 2013, when LBT emerged from bankruptcy and was placed in voluntary liquidation with the former trustees as liquidators.

documentedAll shares of LBT were transferred on February 28, 2012 to Stichting Lehman Brothers Treasury Co., which has since been its sole shareholder and supervises the execution of the composition plan. From January 1, 2024 the liquidators are Frédéric Verhoeven and Karien van Boekel; Rutger Schimmelpenninck stepped down as liquidator and joined the board of the Stichting. ²

documentedLBT's intercompany claim against LBHI was allowed in Class 4A at USD 34,548,000,000 and, after a partial wind-down in 2019, stood at USD 19,626,452,736. According to LBT's 2023 report, LBHI's distributions on the claim totalled USD 12,805,192,530 (37.49%) by the end of 2023. On March 20, 2019 LBT sold USD 10.5 billion of the claim for USD 179.5 million, and LBHI and Lehman Brothers Special Financing Inc., which held 12.9% of the claims against LBT, received an in-kind assignment of a USD 4.4 billion portion of LBT's claim against LBHI and a final cash distribution of USD 8.5 million. ²

documentedLBT valued its remaining receivable from LBHI at 0.172% of nominal at December 31, 2023, using LBHI's published estimated remaining recovery, which excludes possible recoveries from LB GP No. 1 Ltd (the ECAPS dispute) and from Lehman Brothers International (Europe)'s case against AG Financial Products. ²

documentedOn August 18, 2026 LBT announced, through its U.S. counsel Herbert Smith Freehills Kramer (US) LLP, that its placement agent Seaport Loan Products LLC had closed the sale of LBT's remaining $19.6 billion Class 4A intercompany claim against LBHI; the proceeds were to fund a final distribution to holders of LBT's notes, expected in October 2026, after which LBT would be wound down before the end of 2026. On August 20, 2026 a transfer agreement was filed in LBHI's case transferring LBT's Claim No. 58612, listed at $12,168,400,696.39, to Stonehill Institutional Partners, LP. ^{3 4}

qualification

The press release does not name the buyer; the filed transfer lists the claim at $12,168,400,696.39 without explaining the difference from the $19.6 billion figure in the release.

documentedIn LBT's bankruptcy, Lehman Brothers Finance SA (in liquidation, Zurich) asserted claims against LBT of about USD 4.6 billion, of which about USD 1 billion arose from notes it held as ultimate beneficial owner through Lehman Brothers International (Europe) as direct participant; LBT's trustees disputed its ordinary claim. On January 24, 2013 the Amsterdam District Court held inadmissible, as filed out of time, LBF's appeal against the supervisory judge's order of December 6, 2012 approving the noteholders' voting procedure on the composition plan. ⁵

outcome

The Dutch Supreme Court upheld the decision on appeal in cassation.

documentedA professional association's profile describes Frédéric Verhoeven as a partner of the Amsterdam law firm Houthoff Coöperatief U.A. who acts as court-appointed trustee in insolvencies, and a 2017 directory entry names Lehman Brothers Treasury among his practice's clients; Karien van Boekel is listed at the same firm and address. An online encyclopedia article describes Rutger Schimmelpenninck as an Amsterdam insolvency lawyer, a partner at Houthoff Buruma from 1999, who served as trustee in the bankruptcy of Lehman Brothers' Dutch subsidiary. ^{6 7 8}

documentedGermany's Federal Financial Supervisory Authority (BaFin) imposed a moratorium on Lehman Brothers Bankhaus AG on September 15, 2008, because its U.S. parent LBHI was insolvent, and applied on November 12, 2008 for the opening of insolvency proceedings. ^{9 10 11}

outcome

The Frankfurt am Main insolvency court opened insolvency proceedings over the bank on November 13, 2008.

documentedOn November 13, 2008 the Frankfurt am Main local court (insolvency court, file 810 IN 1120/08 L) opened insolvency proceedings over Lehman Brothers Bankhaus Aktiengesellschaft, Rathenauplatz 1, Frankfurt (commercial register HRB 28139), for excessive indebtedness, and appointed the lawyer Michael C. Frege as insolvency administrator. The order names the bank's board as Michael Bonacker, Hans Martin Bury, Dr. Patrick Schmitz-Morkramer, Christian Spieler and Helmut Olivier. ^{10 11 9}

outcome

A German legal journal reported that creditors had filed claims of more than €38 billion and that the administrator told them to expect a recovery rate of more than ten percent; Deutsche Bundesbank reported that its claim had been paid in full by January 2015.

documentedA German banking journal reported in December 2007 that from January 1, 2008 Lehman Brothers' business in Germany would be led by a German Executive Committee of Michael Bonacker, Helmut Olivier, Patrick Schmitz-Morkramer and Christian Spieler, succeeding the retiring chief executive Karl Dannenbaum. ¹²

documentedOn April 29, 2009 Dr. Michael C. Frege, as insolvency administrator and foreign representative of Lehman Brothers Bankhaus AG, petitioned the U.S. Bankruptcy Court for the Southern District of New York to recognise the German insolvency as a foreign main proceeding under Chapter 15 (Case No. 09-12704). ¹⁰

documentedA German legal journal reported that the insolvency administrator, Dr. Michael Frege of the law firm CMS Hasche Sigle, told the bank's creditors to expect a recovery rate of more than ten percent; creditors had filed claims of more than €38 billion, more than BaFin had originally assumed. ¹¹

documentedOn October 15, 2009 Dr. Michael Frege, as insolvency administrator of Lehman Brothers Bankhaus AG, agreed to sell certain surplus notes to Golden Gate Captive Insurance Company for $280 million; on November 13, 2008 the notes were held for the bank in a custody account at JPMorgan Chase Bank and were listed in the insolvency asset list. ¹⁰

documentedDeutsche Bundesbank reported in February 2015 that it had filed a remaining claim of about €1.9 billion in Lehman Brothers Bankhaus AG's German insolvency in early 2013; because LBHI had guaranteed the bank's liabilities, the Bundesbank was also a creditor in the U.S. proceedings, from which it received about €0.5 billion, while about €1.4 billion came from the German proceedings. With a final payment in January 2015 its claim was paid in full. ⁹

documentedA notice published by the Swiss Financial Market Supervisory Authority (FINMA) records that bank bankruptcy proceedings were opened over Lehman Brothers Finance AG, Talstrasse 82, Zurich, on December 22, 2008, with PricewaterhouseCoopers AG appointed as bankruptcy liquidator and a claims deadline of February 27, 2009. FINMA's case page lists the company as Lehman Brothers Finance AG in Liquidation (enterprise number CHE-107.843.661), Stampfenbachstrasse 67, Zurich, with creditor communications as recent as October and December 2021. ¹³

documentedLBHI's 2025 report describes LBHI as the largest creditor of Lehman Brothers Finance AG and a dispute in which the Italian pension fund Enasarco claims CHF 67 million from LBF over the valuation of a terminated derivative. A first-instance Swiss court ruled for Enasarco in December 2021; after LBF's appeals, the Swiss Federal Supreme Court granted LBF's appeal in September 2023, the High Court of the Canton of Zurich ruled against LBF in May 2025, and LBF appealed again to the Federal Supreme Court. The outcome also determines LBHI's last remaining disputed claim. ¹⁴

response

LBF argued that Enasarco should have valued the trade at the early termination date, which would have produced a receivable for LBF; it pursued that receivable in the U.K. courts without success.

outcome

At the report date the dispute was pending before the Swiss Federal Supreme Court.

documentedCompanies House records that LEHMAN BROTHERS HOLDINGS PLC (01854685) has been in administration since September 15, 2008, with insolvency practitioners of PricewaterhouseCoopers LLP as administrators. The company's register shows no current directors or secretaries: of 46 officer appointments all have ended, the last directors, among them Dominic Ian Gibb, Ian Michael Jameson and David Steven Rushton, resigning on July 17, 2009 and the last secretaries on January 25, 2010. No person with significant control is registered. ^{15 16 17}

documentedLBHI had been granted permission to appeal an English High Court judgment on the ranking of its claims in the administration of Lehman Brothers Holdings PLC. On October 2, 2024 LBHI, the PLC, LB GP No. 1 Limited and Deutsche Bank AG (London Branch) entered into an Amended Framework Agreement resolving the disputes due to be heard on appeal, and the appeal was dismissed by consent order. ¹⁸

documentedLBHI holds a subordinated claim of £1.061 billion against Lehman Brothers Holdings PLC. Under the Amended Framework Agreement and its agreements with holders of about 16.8% of the ECAPS, LBHI receives about 36% of funds available to subordinated creditors up to £225 million and about 64% above that; on the administrators' base case of February 24, 2025, LBHI would receive about £69 million ($95 million). The PLC is the sole beneficiary of distributions from LB Holdings Intermediate 2 Limited, which through the Wentworth Joint Venture receives 75% of future distributions from Lehman Brothers International (Europe). ¹⁴

documentedCompanies House shows that LEHMAN BROTHERS INTERNATIONAL(EUROPE) (02538254) entered administration on September 15, 2008, with PricewaterhouseCoopers LLP practitioners as administrators. ¹⁹

outcome

The administration ended on October 8, 2025, when a members' voluntary liquidation began after a declaration of solvency sworn on October 2, 2025, with PricewaterhouseCoopers LLP partners as liquidators.

documentedOn January 14, 2025 the New York State Court of Appeals denied leave to appeal to Lehman Brothers International (Europe) in its case against Assured Guaranty, leaving in place the lower courts' decision in Assured Guaranty's favour; LBHI stated that this would have a material adverse effect on its maximum potential recoveries, but not on its expected recoveries. ¹⁸

documentedCompanies House appointment records show that the last directors of Lehman Brothers Holdings PLC also sat on other U.K. Lehman companies: Dominic Ian Gibb from May 12, 2008 to July 17, 2009 (including Lehman Brothers UK Holdings Limited, Lehman Brothers Limited and LB Holdings Intermediate 2 Limited, and from July 10, 2008 Lehman Brothers International (Europe)); Ian Michael Jameson from August 20, 2001 to July 17, 2009 on the same companies (LB Holdings Intermediate 2 Limited from October 5, 2006); and David Steven Rushton, a director of the PLC from March 28, 2006 to July 17, 2009 and of LB GP No. 1 Ltd. from March 21, 2005 to February 27, 2009. ^{20 21 22}

documentedCompanies House records Ian Theo Lowitt as a director of Lehman Brothers Holdings PLC and Lehman Brothers UK Holdings Limited from July 7, 2000, and of Lehman Brothers International (Europe) and Lehman Brothers Europe Limited from May 31, 2006, all until April 17, 2007. ^{23 16}

documentedLehman Brothers Inc. (LBI) was a Delaware corporation with IRS identification number 13-2518466, a broker-dealer registered under Section 15 of the Securities Exchange Act, wholly owned by LBHI, at 745 Seventh Avenue, New York; FINRA's records identify it by Central Registration Depository number 7506. ^{1 2}

documentedAccording to NASD's August 2002 summary of disciplinary actions, NASD's findings against Lehman Brothers, Inc. (CRD #7506) were that it failed to use reasonable diligence to obtain the best inter-dealer market for customer orders and committed related order-handling and short-sale violations. ²

response

The firm submitted a Letter of Acceptance, Waiver, and Consent, consenting to the sanctions and to the entry of the findings without admitting or denying the allegations.

outcome

It was censured, fined $23,000 and required to pay $568.75 plus interest in restitution to customers.

documentedA notice published by the SEC in the Federal Register on December 1, 2003 (Release No. IC-26263) describes the action Securities and Exchange Commission v. Lehman Brothers Inc. (03 Civ. 2940 (WHP), S.D.N.Y., filed April 28, 2003), in which the SEC alleged that Lehman violated NASD and NYSE rules through practices that created or maintained inappropriate influence by its investment banking business over its research analysts. The notice concerned an application by Lehman affiliates for relief from the resulting disqualification under section 9(a) of the Investment Company Act. ³

response

Lehman consented to the injunction, disgorgement and penalties without admitting or denying the allegations, and expected related settlements with state and territorial agencies.

outcome

On October 31, 2003 the court entered an injunction against Lehman Brothers Inc.; the same day the SEC issued a temporary order exempting the applicants from the disqualification until it acted on their application for a permanent order.

documentedA commercial sanctions and politically-exposed-persons database lists "LEHMAN BROTHERS INC." (United States) under the topic of regulatory action, drawn from a dataset of FINRA enforcement actions, with ten undated entries attributed to the Financial Industry Regulatory Authority. ^{4 5}

qualification

The listing records regulatory actions; it is not a sanctions designation, and the database does not give dates, programmes or a registration number that would tie each entry to this firm.

documentedThe SIPA liquidation of Lehman Brothers Inc. (Case No. 08-01420), begun on September 19, 2008, was conducted by trustee James W. Giddens, with the law firm Hughes Hubbard & Reed LLP; Lehman Brothers Inc. also sold assets to Barclays under the sale order entered in the SIPA proceeding. The case was closed by the Order Discharging the Trustee, Canceling His Bond, Closing the Estate and Granting Related Relief (ECF No. 15413) of September 28, 2022, and all allowed general unsecured claims were exchanged for interests in the LBI Liquidating Trust. ^{6 7}

documentedAccording to the trustee, he administered more than $123 billion in the liquidation. Over 110,000 customer accounts worth more than $92 billion were transferred to Neuberger Berman, Barclays Capital Inc. and other broker-dealers, $13.5 billion was distributed through the customer claims process, and all former securities customers were satisfied at 100% of their net equity through settlements the trustee negotiated with LBHI and Lehman Brothers International (Europe). Secured, priority and administrative creditors were paid in full, and general unsecured creditors received at least 41.2841%, about $9.4 billion, over eight distributions. ⁶

documentedAccording to the trustee's July 13, 2017 announcement, the U.S. Bankruptcy Court for the Southern District of New York (Judge Shelley C. Chapman) ruled that day that claims by roughly 350 former Lehman Brothers Inc. executives and select employees under the Executive and Select Employee Plan (ESEP) were subordinated, upholding the trustee's determination. The trustee then reported more than $115 billion returned to customers and creditors and 424 of more than 15,000 general creditor claims still unresolved at March 31, 2017. ⁷

documentedJames W. Giddens's mediator profile on the website of the U.S. Bankruptcy Court for the Southern District of New York, updated January 3, 2013, describes him as a partner of Hughes Hubbard & Reed LLP and chair of its bankruptcy group, trustee for the SIPA liquidations of Lehman Brothers Inc. and MF Global Inc., and an adviser to the Securities Investor Protection Corporation (SIPC) for 30 years. ⁸

documentedRichard S. Fuld, Jr.'s later activities: according to an online encyclopedia article, he told contacts in March 2009 that he had joined Matrix Advisors in New York, and from May 2010 until early 2012 he was registered with FINRA as employed by the broker-dealer Legend Securities; Matrix Private Capital Group's website, which says the firm was founded in 2016, describes him as its founder, chairman and chief executive officer and the former chairman and chief executive of Lehman Brothers. ^{1 2}

documentedSEC ownership filings under the same reporting-person record that Ian T. Lowitt used as an LBHI insider in 2008 show him in July 2026 as a director and chief executive officer of Marex Group Ltd (ticker MRX); after sales on July 13, 2026 under a Rule 10b5-1 plan he held 2,794,216 ordinary shares directly. A Companies House officer record with matching particulars lists him as a director of MAREX UK HOLDINGS LIMITED from November 1, 2012 to July 14, 2026 and of other Marex group companies. ^{3 4 5}

documentedIn a Final Notice of August 5, 2022, the U.K. Financial Conduct Authority imposed a penalty of £80,000 on Sir Christopher Gent, a former LBHI director, for unlawfully disclosing inside information in breach of the EU Market Abuse Regulation: on October 10, 2018, as non-executive chairman of ConvaTec Group Plc, he told two major shareholders of a forthcoming revision of ConvaTec's financial guidance and of its chief executive's departure before these were announced to the market. The FCA found that he acted negligently and made no profit from the disclosure. The matter concerns ConvaTec and is unrelated to Lehman. ⁸

response

Sir Christopher made representations that he was not negligent and that any breach was inadvertent; the FCA accepted some of his representations but not these.

outcome

The FCA imposed the £80,000 penalty.

documentedThe FCA's notice describes Sir Christopher Gent as chief executive of Vodafone Group plc from January 1997 to July 2003 and a director from January 1985, non-executive chairman of GlaxoSmithKline plc from January 2005 to May 2015, and non-executive chairman of ConvaTec from October 31, 2016 until May 2019. ⁸

documentedAn amended Form D filed with the SEC on March 17, 2014 by River Birch Partners, LP, a Delaware fund, names Herbert H. McDade III as an executive officer of the issuer and a managing member of its general partner, River Birch Capital GP, LLC, and reports $114,920,495 of interests sold. ⁹

documentedA financial-data aggregator's profile describes Christopher M. O'Meara as the founder of Conduit Securities Pte Ltd. and, since 2024, chief executive of Conduit Asset Management Pte Ltd., and as chief risk officer of Lehman Brothers Holdings from 2007 to 2015. ¹⁰

qualification

The dates are the aggregator's and are not confirmed by a primary record.

documentedAccording to an online encyclopedia article, Hans Martin Bury, a Social Democratic member of the German Bundestag from 1990 to 2005, was Minister of State at the Federal Chancellery from August 1999 to October 2002 and Minister of State for Europe at the Foreign Office from October 2002 to 2005; he then became a managing director in Lehman Brothers' European investment banking division and, from 2008, a member of the board, and after the bank's insolvency was managing partner of the consultancy Hering Schuppener from 2009 to December 31, 2017. A commercial sanctions and politically-exposed-persons database lists him as a politician and former public official. ^{11 12}

qualification

The database matched the entry to him by name without verifying identity; the entry concerns public offices, is not a sanctions designation and does not mention Lehman.

documentedA 2005 financial news item reports that Dr. Patrick Schmitz-Morkramer, who had worked for Lehman Brothers since 1999 and was an executive director in its German investment banking business, joined the supervisory board of the real-estate company Vivacon AG on August 25, 2005. ¹³

documentedLeonteq AG announced on February 6, 2025 that Christian Spieler would become its chief executive on March 1, 2025, describing him as having joined Lehman Brothers in 2005 as head of capital markets for Germany and Austria and as a member of the executive board of Citigroup Global Markets Europe from 2008 to 2021. ¹⁴