Lehman Gets $2.4B Value On RMBS Claims By Trustees
Law360 (March 8, 2018, 10:02 PM EST) -- Lehman Brothers Holdings Inc. attorneys said it will pay just shy of $2.4 billion to cover investors' claims over financial crisis-era residential mortgage-backed securities after a New York bankruptcy judge on Thursday sided with the defunct bank following a trial to determine the claims' value.
U.S. Bankruptcy Judge Shelley Chapman found that the claims brought by trustees who were stuck holding the allegedly toxic securities as the market collapsed were valued at around $2.38 billion, agreeing with Lehman's estimate, according to Lehman's plan administrator's attorneys at Willkie Farr & Gallagher LLP.
The decision, which rejected the RMBS trustees' accounting of the...
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