BNY Repays $494M Lehman Unit Debt

Bank of New York Mellon(BNY) is paying the rest of a $494.4 million debt to close out a series of transactions withLehman Brothers Holdings’ U.S. broker-dealer business,The Wall Street Journalreports. BNY will pay $14.1 million toJames Giddens, the trustee shutting down the broker-dealer unit,Lehman Brothers, for the benefit of the brokerage’s creditors.

Earlier, BNY had paid Lehman Brothers’ bankruptcy estate $480.3 million to close out a series of securities and foreign-exchange transactions. The trustee’s team has shifted 110,000 brokerage accounts with a value of nearly $92 billion out of Lehman Brothers.

Click here for the story fromThe Wall Street Journal.