Lehman Brothers Fee Overseer Seeks to Ensure Adviser Pay Is `Reasonable'

Lehman Brothers Holdings Inc. (LEHMQ)’s payments to advisers should be “reasonable, actual and necessary,” and the committee overseeing compensation and expenses should have power to object to monthly fee applications, according to a court filing in Manhattan by the fee committee.

Bankrupt Lehman paid its managers and advisers nearly $1.2 billion through January, according to court papers filed yesterday in U.S. Bankruptcy Court.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: David Rovella at drovella@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.