New York  - A US bankruptcy court approved the sale of investment bank Lehman Brothers' investment-management division Neuberger Berman, news reports said late Monday.

The sale to a group of executives of Neuberger Berman will provide about 922 million dollars worth of stocks in proceeds, which are planned to be passed on to creditors of Lehman Brothers, once the fourth-largest US investment bank.

The Neuberger employees beat two bids by private equity firms Bain Capital Partners and Hellman & Friedmann.

A Neuberger spokesman praised the court's decision as marking the end of a "period of uncertainty" for the company.

Lehman filed for bankruptcy in September. (dpa)