News Update: Lehman Brothers Paid Advisers $641.9 Million in 16 Months (LEHMQ)

According to a regulatory filing, Lehman Brothers Holdings (OTC:LEHMQ), an investment bank liquidating in bankruptcy, has paid its lawyers and other advisers $641.9 million in the 16 months since September 2008.

The restructuring firm Alvarez & Marsal LLCled the payments with $233 million in fees for "interim management" through January, presumably for providing Lehman with its current CEO, Bryan Marsal.

For acting as the investment bank's lead bankruptcy law firm, Weil Gotshal & Manges LLP of New York collected $149.5 million. Milbank Tweed Hadley & McCloy LLP got $42.4 million for advising Lehman's creditors' committee.

Lehman's payments to its advisers have not faced major challenges so far.

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