Record for Hourly Billing? $1.4 Million a Day

Friday, July 23, 2010

This may be one for the hourly billing record books.    Lehman Brothers Holdings Inc. is paying $1.4 million a day in legal fees surrounding its collapse and bankruptcy.

Unsecured creditors are expecting as little as 14.7 cents on the dollar.

Lehman, the investment bank which collapsed in September 2008, paid its lawyers and managers $873.1 million for 21 1/2 months of work.   According to Bloomberg reports,  the total fees so far were disclosed in a filing with the U.S. Securities and Exchange Commission.

To gauge the impact, Bloomberg pointed out that athletes of the five highest paid professional baseball teams took home a combined $792 million.

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