Fed Seeks Input On Big Finance Bankruptcy Process

Law360, New York (April 21, 2011, 3:12 PM EDT) -- The Board of Governors of the Federal Reserve on Thursday asked for comment on how best to handle future bankruptcies of financial companies and input on how to handle international coordination should another financial titan go belly-up.

With the $639 billion Lehman Brothers Holdings Inc. bankruptcy still mired in court after more than 2 1/2 years, the nation's central banker has been tasked, along with the U.S. courts system, with finding better ways of dealing with bankruptcies involving systemically important financial companies.

The Fed, in conjunction...
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