Latest estimates of the cost of winding up the investment banking giant Lehman, which collapsed five years ago on Sunday, state that fees paid to lawyers and accountants have now topped $3bn (£1.9bn).
Lehman was the fourth biggest investment bank on Wall Street. It filed for protection from its creditors on 15 September 2008, triggering a worldwide banking crisis.
According to court documents quoted in the Financial Times today, in New York the estate of Lehman Brothers Holdings has paid more than $2bn (£1.3bn) in legal fees and other expenses. Recipients include international firm Weil, Gotshal & Manges. Fees paid by Lehman’s London arm, Lehman Brothers International Europe, topped $1bn (£650m) in March this year.
At the time of the collapse, the Gazette reported that the collapse of Lehman Brothers and subsequent fall-out would provide rich pickings for top firms but usher in a period of consolidation in the medium ranks.