Lehman, BofA Drop 1 Issue From $509M Setoff Fight

By Pete Brush

Law360, New York (April 02, 2009, 12:00 AM ET) -- Bank of America NA and Lehman Brothers Holdings Inc. have taken a step to streamline their fight over more than $500 million in setoffs taken by BofA after the investment bank filed for Chapter 11.

The financial titans agreed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York not to litigate or seek discovery regarding the total value of BofA's derivative claims against Lehman.

The sides said in court papers that they recognized that resolution of the correct amount of the derivative...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles