Lehman To Reserve $5B For Fannie Mae Claims

Law360, New York (January 6, 2012, 9:31 PM EST) -- A New York bankruptcy judge on Friday approved an agreement stipulating that Lehman Brothers Holdings Inc. would reserve more than $5.1 billion in cash for claims, some of which stem from derivatives contracts, asserted by federal loan mortgage guarantor Fannie Mae.

The stipulation, agreed to in December, comes one month after Lehman told U.S. Bankruptcy Judge James M. Peck that it had agreed to reserve $1.2 billion in cash for priority claims asserted by federal home loan mortgage guarantor Freddie Mac.

Fannie Mae originally asserted nearly...
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