Pulsar Re Says Lehman Looted $450M Ahead Of Ch. 11

Law360, New York (January 27, 2011, 1:19 PM EST) -- Reinsurer Pulsar Re Ltd. has hit Lehman Brothers Holdings Inc. with a $450 million suit claiming the investment giant looted money it held from Pulsar in a bid to improve its balance sheet before going bankrupt.

Bermuda-based Pulsar Re's adversary suit, lodged Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, seeks to place that sum — collateral that had been pledged to Lehman’s Bermuda reinsurance affiliate Lehman Re Ltd. — in a trust, claiming the money isn't part of the bankruptcy...
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