UPDATE 1-US Trustee names examiner to probe Lehman

Tue Jan 20, 2009 3:23pm GMT
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NEW YORK, Jan 20 (Reuters) - The U.S. Trustee's office appointed Anton Valukas, chairman of law firm Jenner & Block, as an examiner to probe the collapse of investment bank Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research), according to court documents.

If approved by bankruptcy court, Valukas will be expected to report on the issues surrounding Lehman's collapse; how it pursued the sale of key assets such as its core U.S. brokerage business to Barclays Plc (BARC.L: Quote, Profile, Research); and look for any evidence of fraud, dishonesty, or misconduct.

Under U.S. bankruptcy laws, an examiner can be appointed in any bankruptcy case if someone requests it and the court finds the company's debts exceed $5 million.

When Lehman filed for bankruptcy in September, it listed $613 billion in debts and $639 billion in assets, making it the largest U.S. bankruptcy in history.

Valukas is a former U.S. Attorney who specializes in civil and white collar criminal litigation, according to the Jenner & Block's website.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555. (Reporting by Chelsea Emery; Editing by Derek Caney)

 
 
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