The largest shareholders in Lehman Brothers face hundreds of millions of dollars in losses, after it emerged that affiliates of French insurer Axa, and US asset managers ClearBridge Advisors and Fidelity all hold stakes of over 5% in the collapsed investment bank.

According to Lehman Brothers' bankruptcy filing, insurer Axa held 7.3%, ClearBridge held 6.3%, and Fidelity Management & Research, a subsidiary of Fidelity Investments that focuses on portfolios for US retail investors, held 5.9% of the company.