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Lehman, Deutsche Bank CDS Transfer Terms OK'd

Law360 (June 1, 2009, 12:00 AM EDT) -- A bankruptcy judge has approved the terms for Lehman Brothers Holdings Inc. to assign a credit default swap to Deutsche Bank AG's London branch, a deal that could yield up to $733 million for one of the investment giant's subsidiaries.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York on Monday entered an order approving the letter agreement, which includes a $20 million break-up fee.

At issue is a credit default swap — a deal that purportedly protects the...
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