The administrator for Lehman Brothers International said on Tuesday that nearly all clients whose assets have been frozen since the investment bank's collapse support a plan to return the money early next year.
sketched out a plan to return about $11 billion held in custody by March 2010. The scheme required that 90 percent of Lehman's clients approve the plan by December 29.
I am delighted that we have received overwhelming support for this arrangement to return assets to clients, Steven Pearson, a partner at PricewaterhouseCoopers and one of the administrators, said in a statement.
Hundreds of hedge funds could not access their money last September when New York-based Lehman filed for bankruptcy. The plan would return assets to funds and close out positions without the need to post further collateral.
Several prominent hedge funds, including Ramius Capital, have had their assets frozen.
(Reporting by Svea Herbst-Bayliss; Editing Bernard Orr)