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

Law360, New York (April 2, 2009, 12:00 AM EDT) -- 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...
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