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Lehman Fee Overseer Seeks to Ensure Adviser Pay Is ‘Reasonable’

Lehman Brothers Holdings Inc.’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.

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