JP Morgan (NYSE: JPM) has reportedly reached an agreement with the Lehman Brothers Trustees that will return $800 million to former customers of the now defunct investment bank.
The deal will not impact financial results, according to the bank. JP Morgan, who acted as the clearing agent for Lehman’s broker-deal arm, held onto the accounts when Lehman Brothers filed for bankruptcy protection in 2008.
The trustees for Lehman said funds will be returned to the account holders whose money was frozen.
Lehman’s bankruptcy was the largest in U.S. history and sparked a crisis on Wall Street, sending markets drastically lower in the fall of 2008.
