Lehman liquidator set to pay dividends to creditors

The liquidator to the London-based Lehman Brothers International will reveal today that it is ready to pay the first dividend to unsecured creditors, four years after the investment bank's demise left the world on the brink of financial armageddon.

The lead administrator for PricewaterhouseCoopers, Tony Lomas, described the liquidation of Lehman as "the biggest and most complex administration I've ever worked on". He said he was "proud of the progress we've made", which has seen £14bn returned to Lehman clients. But more than $9bn (£5.6bn) in cash and securities is trapped within affiliates of Lehman Brothers International Europe, which was based at Canary Wharf, and PwC's fees have already hit £500m.