NJ Seeks To Block $15M Coverage Payment To Lehman

Law360, New York (July 13, 2011, 8:34 PM EDT) -- The state of New Jersey on Wednesday objected to bankrupt Lehman Brothers Holdings Inc.'s request for access to $15 million of its directors and officers insurance fund to pay for a securities arbitration judgment, saying haphazard distribution risked depleting the fund for other claimants.

Lehman asked for access to the funds on June 29, seeking to pay a $15 million judgment by the Financial Industry Regulatory Authority against former Lehman executives Roland Hansalik, George Barclay Perry and Joseph Arena. FINRA ruled against the executives in a...
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