Lehman, Aflac End Spat Over $166M In CDS

Law360 (December 17, 2009, 3:27 PM EST) -- A bankruptcy judge has signed off on a deal ending Lehman Brothers Special Financing Inc.'s adversary action against American Family Life Assurance Co., which accused the insurer of illegally seeking to deprive LBSF of priority status under credit default swap agreements worth $165.7 million.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York on Monday approved the settlement, under which LBSF will receive an undisclosed sum. The settlement also resolves LBSF's claims against BNY Corporate Trustee Services Ltd., which it named as a defendant because it was a trustee of the CDS transactions at...

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