Friedman Billings Sues Lehman To Retrieve Security

Law360, New York (September 29, 2008, 12:00 AM EDT) -- Friedman Billings Ramsey Group Inc. on Friday sued a unit of Lehman Brothers Holding Co. and the trustee managing the bankruptcy of the investment bank to retrieve a $250 million Fannie Mae mortgage-backed security.

In an adversary suit filed in the U.S. Bankruptcy Court for the Southern District of New York, Friedman Billings said that Lehman Brothers Inc., the Lehman unit that Barclays PLC acquired in the wake of the investment bank's bankruptcy, was required to return the security under the terms of a repurchase agreement...
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