Former clients of Lehman Brothers' European operations voted for a plan to speed up the return of about $11 billion in frozen client assets, the collapsed bank's European administrator, PricewaterhouseCoopers, said Tuesday.
PricewaterhouseCoopers said more than 90% of the former clients voted for the contractual plan, known as a claim resolution agreement, that will let the administrator begin returning the assets.
The former clients, who number about 1,000 and are mainly hedge funds, must now file their claims for the frozen assets by March 19.
PricewaterhouseCoopers said it expects to begin distributing the assets shortly thereafter.
At least 90% of the clients had to be in support for the plan to be instigated.