The Bros Always Wins

The historic Lehman Brothers bankruptcy has hit another milestone: $2 billion in fees paid to professionals. In a Thursday filing with U.S. Bankruptcy Court in Manhattan, Lehman said it has spent $160.8 million in fees since exiting from bankruptcy in March. Added to the $1.9 billion it incurred during its 42 months in bankruptcy, the failed investment bank has eclipsed $2 billion in fees paid. That’s the most in the nation’s history. Lehman previously stated that it incurred less than $1.8 billion in fees before leaving Chapter 11 protection in March but disclosed in the Thursday filing that the number increased by $132 million in recent months for several reasons, including the payment of incentive fees to professionals as well as approvals of older applications. [WSJ]