Tens of thousands of people who lost money after investing in products tied to bankrupt U.S. investment bank Lehman Brothers Holdings Inc. are to get most of their money back.
Sixteen Hong Kong banks and bankruptcy receiver PricewaterhouseCoopers announced an agreement Sunday that will give investors up to 96.5 percent of their money back.
Investors sued Lehman Brothers two years ago after the Wall Street firm's collapse left their bond holdings possibly worthless. The investments were marketed as safe, low-risk "mini-bonds" but were actually complex derivative products.
The products originated with Lehman, and banks in Hong Kong sold them to retail investors, who spent more than $1.5 billion on them.
Tens of thousands of people who lost money after investing in products tied to bankrupt U.S. investment bank Lehman Brothers Holdings Inc. are to get most of their money back
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