<p>The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis.</p>.<p>US Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trustee who oversaw its liquidation and his law firm.</p>.<p>More than $115 billion was paid out.</p>.<p>Lehman's 111,000 customers received all $106 billion they were owed, and secured creditors also received full payouts.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/nippon-steel-says-india-jv-with-arcelormittal-to-spend-rs-41k-crore-to-boost-capacity-1148943.html" target="_blank">Nippon Steel says India JV with ArcelorMittal to spend Rs 41K crore to boost capacity</a></strong></p>.<p>Unsecured creditors recovered $9.4 billion, or about 41 cents on the dollar. They were originally expected to recover about 20 cents on the dollar.</p>.<p>Lehman Brothers Holdings Inc, the brokerage's parent, had been Wall Street's fourth-largest investment bank before filing what remains by far the largest US bankruptcy on Sept. 15, 2008.</p>.<p>Its collapse led to much debate over whether and in what circumstances companies should be allowed to fail.</p>.<p>Barclays Plc bought most of Lehman's US brokerage assets early in the financial crisis. The parent's Chapter 11 bankruptcy plan was confirmed in 2011.</p>.<p>Lehman's demise taught that "a failure of a large financial institution should be avoided, but history tells us that it is inevitable," the brokerage's trustee James Giddens said in a statement.</p>.<p>Giddens' law firm Hughes Hubbard & Reed was awarded $424 million as final compensation for 14 years of work on the case.</p>
<p>The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis.</p>.<p>US Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trustee who oversaw its liquidation and his law firm.</p>.<p>More than $115 billion was paid out.</p>.<p>Lehman's 111,000 customers received all $106 billion they were owed, and secured creditors also received full payouts.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/nippon-steel-says-india-jv-with-arcelormittal-to-spend-rs-41k-crore-to-boost-capacity-1148943.html" target="_blank">Nippon Steel says India JV with ArcelorMittal to spend Rs 41K crore to boost capacity</a></strong></p>.<p>Unsecured creditors recovered $9.4 billion, or about 41 cents on the dollar. They were originally expected to recover about 20 cents on the dollar.</p>.<p>Lehman Brothers Holdings Inc, the brokerage's parent, had been Wall Street's fourth-largest investment bank before filing what remains by far the largest US bankruptcy on Sept. 15, 2008.</p>.<p>Its collapse led to much debate over whether and in what circumstances companies should be allowed to fail.</p>.<p>Barclays Plc bought most of Lehman's US brokerage assets early in the financial crisis. The parent's Chapter 11 bankruptcy plan was confirmed in 2011.</p>.<p>Lehman's demise taught that "a failure of a large financial institution should be avoided, but history tells us that it is inevitable," the brokerage's trustee James Giddens said in a statement.</p>.<p>Giddens' law firm Hughes Hubbard & Reed was awarded $424 million as final compensation for 14 years of work on the case.</p>