The Securities Investor Protection Corp., which maintains a special fund to help investors at failed brokerage firms, has announced that it will file a proceeding placing Lehman Brothers Inc. in liquidation. After "extensive discussions and consultation" with representatives of the firm and its parent company, as well as representatives of the Securities and Exchange Commission, the Federal Reserve, and other federal agencies, SIPC said it has decided the action is "appropriate for the protection of customers" and to facilitate the transfer of customer accounts and an orderly unwinding of the brokerage firm's business. A hearing on the sale of the business to Barclays Capital Inc. was scheduled for Sept. 19.
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