Phoenix Life Wants $90M Back From Lehman

Law360, New York (September 23, 2009, 12:50 PM EDT) -- British insurer Phoenix Life Ltd. is attempting to reclaim $90 million from a Lehman Brothers Commercial Corp. account, saying the money was wrongfully redeemed and transferred from collateral securing a reinsurance agreement between Phoenix Life and Lehman Re Ltd.

Phoenix Life filed an adversary complaint Sept. 22 in the U.S. Bankruptcy Court for the Southern District of New York, alleging claims including unjust enrichment and conversion and seeking relief from the automatic bankruptcy stay to obtain possession of the transferred funds.

Phoenix Life is party to...
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