The liquidator for Lehman Brothers Holding Inc.’s Australian unit won federal court approval for a creditors’ vote on a proposed claims settlement giving them up to about half of what they’re owed, Bloomberg News reported yesterday. Creditors will be paid between 33 Australian cents and 49.9 cents for each dollar of debt in the local currency, John Sheahan, a lawyer for PPB Advisory, the liquidator, said at a hearing in federal court in Sydney today. U.S. insurers agreed to pay $45 million and Australian insurers A$3 million ($2.9 million) to fund the settlement, Sheahan said. Litigation funder IMF (Australia) Ltd. previously agreed to drop a class action lawsuit against the firm as part of the settlement.
