Lehman Sues For Coverage Of $288M Lending Fraud Losses

Law360, New York (December 18, 2012, 7:08 PM EST) -- Lehman Brothers Holdings Inc. sued a slew of insurers Monday in New York to recoup most of the $288 million it lost after a subsidiary was duped into lending money to a group posing as representatives of Marubeni Corp., a major Japanese trading company.

In a complaint filed in New York state court, Lehman accuses St. Paul Mercury Insurance Co., Continental Casualty Co. and others of violating obligations under primary and excess crime policies with a total of $175 million in policy limits, including a $10...
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