Fees paid to lawyers and accountants for unwinding Lehman Brothers in the US and Europe are on track to surpass $2bn even after some of the legal services have been provided at discounted rates.
The fees charged to Lehman’s US estate stood at $917m in July and should top $1bn this month. In London, expenses for unwinding Lehman’s European arm, including legal costs, are estimated to be close to $900m.
The US estate is paying more than 1,000 people while in London, PwC, the administrators to Lehman’s main European operations, still has more 300 of its people working on the administration.
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