Lehman Brothers Holdings Inc. may complete billions of dollars in trades and unwind transactions that were pending two months ago when it filed the biggest bankruptcy in history, under an accord with European affiliates.
The deal gives the firm access to information systems in Europe, which it said were "sealed off" by its bankruptcies on both sides of the Atlantic. Without the accord, the New York- based company said it "cannot execute trades or even obtain information on current positions," key requirements for paying creditors owed more than $613 billion.
Lehman Brothers International Europe, which ran Lehman's London-based prime brokerage, had about 3,500 asset managers, including hedge funds, as clients. The customers haven't known the status of their positions since Lehman's bankruptcy on Sept. 15 froze at least $65 billion in brokerage assets.
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