Lehman, Michigan Housing Authority Spar Over Swap Deal

Law360, New York (September 18, 2013, 7:42 PM ET) -- Attorneys for Lehman Brothers Holdings Inc. and the Michigan State Housing Development Authority on Wednesday battled in court over the method for calculating what the agency owed Lehman following the termination of a swap agreement in 2008.

The long-standing dispute stemmed from 20 interest rate swaps MSHDA entered into with a Lehman unit in 2000. Under the agreement, either party could terminate the deal if the other party defaulted. When Lehman did just that as a result of its bankruptcy, the housing authority ended the agreement...
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