Lehman Brothers International reported Tuesday that almost all the clients whose assets have been frozen since the investment bank's contraction support the intension to return the money early next year.
In November PricewaterhouseCoopers PWC.UL sketched out a plan to return about $11 billion held in custody by March 2010. This scheme required 90% of Lehman's clients to approve the plan by December 29.
Steven Pearson, a partner at PricewaterhouseCoopers and one of the administrators, said he’s delighted the company has received overwhelming support for this arrangement to return assets to clients.
This plan would return assets to funds and close out positions without the need to post further collateral.
Some prominent hedge funds, including Ramius Capital, have had their assets frozen.