Former London Lehman Brothers workers will be paid their pensions in full
Former employees of Lehman Brothers have won a battle to have their pensions paid in full, after The Pensions Regulator brokered a deal worth £184m with the remaining parts of the collapsed US investment bank. Under the deal, the scheme's 2,400 members, will receive £75,000 each.
Back in 2010, two years after the bank's collapse, the regulator said what remained of the bank should support the Lehman Brothers Pension scheme, but the demand was met with various legal challenges, which the regulator has been wrangling with since
Under the deal announced on Tuesday, Lehman Brothers' European administrators will fund pensions
Today's ruling means the scheme won't be put into the Pension Protection Scheme, which pays out to pension scheme members whose companies have collapsed.