Lehman Reaches $87M Truce With Hedge Fund

Law360, New York (November 9, 2011, 8:33 PM EST) -- Lehman Brothers Holdings Inc. asked a New York bankruptcy court Wednesday to approve a settlement with hedge fund Elliott Associates LP that would shave $86.4 million in claims pertaining to derivatives and other transactions off the debtor's tab.

Elliott and two affiliated funds, Alston Investments LLC and Ashton Investments LLC, agreed to reduce their claims stemming from hundreds of transactions by more than 40 percent, though they'll still be allowed to file more than $112 million in claims, according to Lehman's motion.

"The total reductions of...
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