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Creditors of Lehman Brothers have filed claims for the return of $824 billion and total claims may reach $1 trillion, the chief executive of the investment bank said.
Bryan Marsal, a restructuring expert who was installed as chief executive to run Lehman in administration, told a hearing in New York that some creditors’ claims were just flat-out silly.
Mr. Marsal said that the bank probably would call on a US bankruptcy judge to decide on claims that Lehman believes are overstated. Without mentioning names, Mr. Marsal told the court hearing that Lehman’s biggest and most sophisticated creditors were among those making inflated claims. Lehman’s largest creditors include JP Morgan, Deutsche Bank and Fannie Mae. Lehman Brothers International, the European division of the bank, is its largest creditor, with administrators claiming about $200 billion from the American parent.
Mr. Marsal said that Lehman aimed to have evaluated all claims by the end of the month and that it held $16 billion in cash.

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