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JPMorgan resolves Lehman dispute with $797.5M settlement

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JPMorgan resolves Lehman dispute with $797.5M settlement

JPMorgan Chase & Co. will pay $797.5 million to settle the remaining disputes over Lehman Brothers Holdings Inc.'s postbankruptcy estate, The Wall Street Journal reported Feb. 1. In exchange, the estate is dropping its objection to JPMorgan's claim for $30 billion in losses supposedly incurred from its role as the clearing bank for Lehman's securities.

JPMorgan spokesman Brian Marchiony said the bank had already set aside money for this settlement, the Journal wrote.

The settlement resolves the last of Lehman's disputes with JPMorgan and allows for creditor distributions of nearly $800 million, the report stated, citing a statement by Lehman's lawyers.

In January 2016, JPMorgan agreed to pay Lehman Brothers $1.42 billion, in a cash settlement resolving most of Lehman's claims related to JPMorgan's alleged role in Lehman's collapse.