|Monday, September 15, 2008
Nancy Condon (202) 728-8379
Herb Perone (202) 728-8464
Lehman Brothers Holdings Inc. (LBHI) has announced its decision to file for protection under Chapter 11 of the U.S. Bankruptcy Code. None of the U.S. broker-dealer subsidiaries of LBHI will be included in the Chapter 11 filing and will continue to operate. The company anticipates that this action will likely lead to the orderly winding down outside of bankruptcy of the company's U.S. broker-dealer firm subsidiaries, including Lehman Brothers, Inc. and Neuberger Berman, LLC.
Securities and Exchange Commission staff and FINRA staff are working on-site at Lehman Brothers and will oversee the orderly transfer of customer assets. In the interim, Lehman Brothers, Inc. and Neuberger Berman, LLC remain members in good standing of FINRA.