BofA, Lehman Vie For Quick Win In $500M Setoff Spat

Law360, New York (September 15, 2009, 3:41 PM EDT) -- Bankrupt Lehman Brothers Holdings Inc. and Bank of America NA have each moved for summary judgment in their feud over $500 million in setoffs taken by the bank following the investment giant's Chapter 11 filing.

The parties filed rival motions for summary judgment Monday in the U.S. Bankruptcy Court for the Southern District of New York. Lehman's motion was supported by a memorandum from its official committee of unsecured creditors.

The adversary case concerns the proper ownership of hundreds of millions in collateral posted by BofA...
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