Lehman Seeks Billions Over Payment Priority Flip

Law360, New York (September 15, 2010, 12:24 PM EDT) -- Lehman Brothers Special Financing Inc. is seeking billions of dollars from a litany of banks and a putative defendant class of noteholders in a pair of new adversary suits over derivative transactions, saying it was stripped of priority payment status when it filed for bankruptcy in breach of contract and in violation of bankruptcy laws.

LBSF filed two complaints Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, the first seeking more than $3 billion from a slew of banks and noteholders,...
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