J.P. Morgan to Pay More than $800 Million to Lehman Brothers (JPM)

J.P.Morgan Chase JPM agreed to pay more than $800 million to Lehman Brothers Holdings, it was announced Thursday. The settlement returns $755 million in cash and about $106 million in securities, a motion filed in the U.S. bankruptcy court in Manhattan shows. "The proposed settlement would substantially increase the fund of customer property for distribution," the motion said, "without the uncertainty and delay of litigating disputed claims." The main source of the assets will be from funds that the bank has already set aside, and will not materially impact J.P.Morgan financially. Lehman Brothers, once among the biggest investment banks on Wall Street, filed for Chapter 11 bankruptcy protection on September 15, 2008. The estate remains entangled in ongoing financial disputes with creditors and customers. JPMorgan Chase & Co. is a financial holding company with a market capitalization over $175 billion. Shares closed higher by $0.12 on Thursday, to $44.68.