Lehman Settles With Bermuda Affiliates For $1B

Law360, New York (February 28, 2012, 11:29 PM EST) -- Lehman Brothers Holdings Inc. on Tuesday asked the New York bankruptcy court overseeing its Chapter 11 case to approve a $1 billion settlement that resolves $2.3 billion in claims asserted by several of the defunct investment bank's Bermuda-based affiliates.

In a motion filed in the U.S. Bankruptcy Court for the Southern District of New York, LBHI said the settlement resolves all asserted claims between LBHI's U.S.-based affiliates and Lehman Re Ltd., its subsidiary Congress Life Insurance Co. and its creditor Pulsar Re Ltd.

“In the debtors'...
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