12/06/2008 05:12 am ET Updated May 25, 2011

Lehman CEO Fuld To Be Terminated Without Golden Parachute

The chief executive of the failed Lehman Brothers, Richard S. Fuld Jr., will be "terminated" by the investment firm without any bonus, a lawyer for Lehman said Wednesday.

"His employment will end at the end of the year," Lehman's lead bankruptcy lawyer, Harvey Miller of Weil, Gotshal & Manges, told Bloomberg News during a break at a hearing in Federal Bankruptcy Court in Manhattan. "He is being terminated. He will receive no severance or bonuses."

Last year, Mr. Fuld was paid $34.4 million.

Mr. Fuld, 62, stayed on as chief executive while lawyers and other professionals disperse Lehman's assets to pay creditors after the big investment bank sought protection in the biggest American bankruptcy case on Sept. 15 in New York.

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