Investors in Hong Kong who lost money from investing in so-called Lehman minibonds will receive compensation of up to 96.5% of their investments,

Investors in Hong Kong who lost money from investing in so-called Lehman minibonds will receive compensation of up to 96.5% of their investments, up from about 60% agreed to in 2009, banks in the city announced Sunday.

The joint announcement by the 16 banks follows a conditional settlement deal between Lehman Brothers Holdings Inc. and its receivers and trustees to allow investors in Lehman-linked derivatives to recover some of the underlying collateral assets.

Hong Kong lenders sold millions of dollars worth of so-called minibonds linked to Lehman before it collapsed in 2008.