ING Fights $19M Derivatives Suit Over Singapore Bank Sale

Law360, London (January 4, 2019, 4:42 PM GMT) -- ING Bank NV has stood by a calculation it made about its liability to Lehman Brothers when selling its Asian unit to Singapore’s Oversea-Chinese Banking Corp. Ltd. in 2009, denying in new court documents that the Singapore lender is entitled to any of the damages or relief claimed.

ING is fighting a claim in the High Court by Oversea-Chinese Banking Corp. for approximately $19 million, which the Singapore-based bank says it has lost over the early settlement of several derivatives transactions after Lehman Brothers Holdings Inc. collapsed in September 2008.

The suit is centered on an agreement that OCBC entered into...

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