Lehman Brothers Holdings is proposing a wide-ranging settlement of its unresolved derivatives trades with more than a dozen of its largest counterparties - including some of Wall Street's biggest banks - in a move the investment bank says could help speed the resolution of its bankruptcy case.

In a framework announced on Tuesday, Lehman proposed a settlement with 13 of its largest derivatives counterparties, the 30 or so "big-bank counterparties." If accepted by the banks, the deal could erase billions of dollars in derivatives claims that have been filed against Lehman and its affiliates.