The brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said Friday they have agreed in principle to resolve litigation over $38 billion (23.4 billion pounds) of claims, a step toward allowing customers and creditors some of their money.

Lehman Brothers Inc and Lehman Brothers International (Europe) announced the agreement in a joint statement. The accord requires approval by U.S. Bankruptcy Judge James Peck in Manhattan, as well as by the English High Court.

In March, the Lehman parent company emerged from bankruptcy protection after 3-1/2 years in Chapter 11.

(Reporting By Jonathan Stempel in New York; Editing by Gerald E. McCormick)