Trading Partner Sues Lehman For $71M

Law360, New York (February 3, 2009, 12:00 AM EST) -- DCI Umbrella Fund PLC is reportedly suing bankrupt Lehman Brothers Holding Inc.'s U.K. unit, accusing the erstwhile financial giant of defaulting on a swap agreement and demanding that Lehman return $71 million in securities.

On Tuesday, Dublin-based Umbrella sued Lehman in the U.S. District Court for the Southern District of New York, arguing that it violated the terms of a swap agreement with the trading partner when it filed for bankruptcy, Dow Jones reported.

Umbrella had used the $71 million in securities as collateral for derivatives...
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