Lehman Brothers

1. Lehman Creditors Fight Barclays Over $45B Asset Sale

Friday, Mar 19, 2010

Unsecured creditors in the Lehman Brothers Holdings Inc. bankruptcy have accused Barclays PLC of knowingly ripping off the struggling investment banking firm when it entered into a deal to buy Lehman’s brokerage business for $45 billion, responding to Barclays' objections to a bid to modify the deal.

2. Metavante, Lehman Settle $7M Claim Over Swap Deal

Thursday, Mar 18, 2010

Banking industry technology provider Metavante Corp. has reached a settlement with a derivative arm of Lehman Brothers Holdings Inc. in a dispute over a swap contract, following Metavante’s appeal of a finding that it owed more than $6.6 million under the deal.

3. Limits On Analyst-Banker Communications Remain

Thursday, Mar 18, 2010

A federal judge has rejected a bid by a dozen Wall Street firms and the U.S. Securities and Exchange Commission to ease restrictions on some communications between research analysts and investment bankers prohibited by a 2003 settlement.

4. Subprime Action Against Canadian Imperial Bank Nixed

Wednesday, Mar 17, 2010

A federal judge on Wednesday threw out a putative class action accusing Canadian Imperial Bank of Commerce and its executives of misleading investors about the bank's exposure to fixed-income securities backed by subprime residential mortgages.

5. Barclays Sues Ex-Lehman Units Over $34M In Fees

Wednesday, Mar 17, 2010

Barclays Capital Inc. has accused funds owned by Trilantic Capital Partners and Lehman Brothers Real Estate Partners of breaching their fiduciary duties by failing to pay millions owed in connection with the placement of private equity business.

6. Schapiro Says SEC Moving Past Missteps

Wednesday, Mar 17, 2010

Acknowledging high-profile regulatory mistakes from the past, U.S. Securities and Exchange Commission Chairwoman Mary Schapiro said Wednesday that the agency will break down information silos and beef up enforcement staff and technology next year in its attempt to regain public trust.

7. House To Examine Lehman's Regulators

Wednesday, Mar 17, 2010

The House Financial Services Committee will hold a hearing to examine questions raised about the federal regulatory oversight of bankrupt Lehman Brothers Holdings Inc. in the months leading up to its collapse, according to committee members.

8. FCCD Interfered With $65M Loan To Hotel: State Street

Tuesday, Mar 16, 2010

State Street Bank and Trust Co. has filed an answer and counterclaims in a contract suit brought by FCCD Ltd., accusing the Irish financial services firm of unfairly seeking to “usurp” its rights in a battle over a troubled $65 million Mexico real estate development loan.

9. Lehman Files Ch. 11 Plan, Will Launch New Branch

Monday, Mar 15, 2010

Lehman Brothers Holdings Inc. and its 22 affiliated Chapter 11 debtors on Monday filed a joint plan of reorganization, nudging the largest bankruptcy ever filed in the U.S. one step closer to resolution.

10. Lehman Manipulated Balance Sheet, Examiner Finds

Thursday, Mar 11, 2010

Lehman Brothers Holdings Inc.'s senior officers may be liable for manipulating financial reports in an attempt to hide the effects a crisis of confidence was having on the firm as it neared collapse in 2008, a bankruptcy examiner has found.

11. Extended Stay Examiner Makes Bid For Public Report

Wednesday, Mar 10, 2010

The court-appointed examiner investigating hotel chain Extended Stay Hotels LLC's Chapter 11 filing has asked the court to approve a procedure allowing him to publicly reveal the results of his months-long probe, including information previously deemed confidential.

12. Lehman, Creditors Slam Minibond Appeal Effort

Monday, Mar 08, 2010

A Lehman Brothers Holdings Inc. unit and the bankrupt company's unsecured creditors have urged a judge not to revive a lawsuit brought by investors in minibonds, arguing that the plaintiffs do not have standing to pursue $1.5 billion in collateral Lehman has laid claim to.

13. Examiner Backed In Bid To Unseal Lehman Report

Friday, Mar 05, 2010

The lead plaintiffs in a proposed securities class action against Lehman Brothers Holdings Inc. have backed an examiner's bid to unseal a 2,200-page report about the bank's collapse.

14. Fremont, Others Nix Claims In Reserve Securities MDL

Tuesday, Mar 02, 2010

Two groups of Reserve Management Co. Inc. investors have put their claims of fraud, breach of fiduciary duty, gross negligence and securities law violations to rest in multidistrict litigation accusing the company and its trustees of misconduct in their handling of the Reserve Primary Fund.

15. Plaintiffs Appeal Dismissal Of ARS Antitrust Class Suits

Tuesday, Mar 02, 2010

Plaintiffs have challenged the dismissal of two putative class actions accusing Citigroup Inc., UBS AG, Bank of America Corp., The Goldman Sachs Group Inc. and several other financial firms of violating antitrust laws in their presentation and marketing of auction rate securities.

16. Lehman Gets Partial Win In Spat With Mortgage Lender

Monday, Mar 01, 2010

A federal court has handed Lehman Brothers Holdings Inc. a partial win in a contract spat against Dream House Mortgage Corp., a lender that sold loans to Lehman and allegedly failed to buy them back after the borrowers quickly defaulted.

17. Another ERISA Action Dismissal

Monday, Mar 01, 2010

The recent dismissal of the Employee Retirement Income Security Act "stock-drop" class action against Lehman Brothers provides arguments for companies and individuals facing ERISA class action litigation in the wake of the financial crisis, say Adam S. Hakki and Brian H. Polovoy of Shearman & Sterling LLP.

18. Lehman, JPMorgan Bury Hatchet Over $7.68B Claim

Friday, Feb 26, 2010

Lehman Brothers Holdings Inc. has penned a tentative deal with JPMorgan Chase & Co. that will lay to rest a $7.68 billion claim related to illiquid securities held as collateral by the bank after the investment firm's collapse.

19. Lehman Makes Plea To Save $900M Investment

Thursday, Feb 25, 2010

A Lehman Brothers Holdings Inc. affiliate has asked a bankruptcy judge to allow it to pay expenses for special purpose investment vehicles in the Cayman Islands, saying if the SPVs dissolve it stands to lose $900 million.

20. SEC Fraud Suit Withstands Reserve Fund Assault

Thursday, Feb 25, 2010

Turning up the heat on Reserve Management Co. Inc., a federal judge on Thursday firmly backed regulators’ claims that the company and its leadership deceived investors about the plight of its money market fund following the Lehman Brothers Holdings Inc. collapse.