Lehman Settles $85M Loan Spat With Bermuda Unit

Law360, New York (August 6, 2009, 5:27 PM EDT) -- Lehman Brothers Holdings Inc. has asked the bankruptcy court overseeing its Chapter 11 case to approve a proposed settlement with a Bermuda-based subsidiary that will resolve a long-running dispute over $85 million in mortgage loans.

The one-time investment giant filed a motion to approve the settlement with Lehman Re Ltd. on Wednesday in the U.S. District Court for the Southern District of New York, saying the deal would avoid lengthy and expensive litigation.

Under the terms of the proposed settlement, LBHI has agreed to execute documents...
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