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Expert Analysis

Excuse Or No, A Late Claim May Cost You

Law360 (November 30, 2010, 1:36 PM EST) -- A group of creditors learned the hard way that there may be no excuse for a late claim. U.S. Bankruptcy Judge James Peck of the Southern District of New York recently disallowed seven proofs of claim that had been filed late in the Lehman Brothers Holdings Inc. bankruptcies. Judge Peck held that the reasons cited by the parties for the late filing did not rise to the level of "excusable neglect," and he was thus disallowing their claims. This is of particular interest as it comes out of the Southern District of New York, which has one of the largest bankruptcy dockets in the country....

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