Soros Fund Loss On Lehman May Be $120M

Billionaire George Soros's hedge fund may have lost at least $120 million on its stake in Lehman Brothers Holdings Inc., mostly acquired in the second quarter, as the investment bank suffered its worst financial result.

Soros Fund Management LLC, which manages $20 billion, purchased 9.47 million shares, or about 1.4% of New York-based Lehman, between March 31 and June 30, according to a filing with the Securities and Exchange Commission. The losses could be as high as $380 million, depending on when Mr. Soros purchased the stake and if he still owns the shares.

If Soros bought the shares at their highest price in the quarter, he would have paid $450 million for his stake. At the lowest value, they would have cost him about $188 million. Yesterday, the stake would be worth about $69 million, if Soros still owns all the shares.