Creditors Balk At Lehman's Proposed Guidelines

Law360, New York (January 7, 2010, 4:14 PM EST) -- U.S. Bank NA and Societe Generale are among at least a dozen creditors objecting to Lehman Brothers Holdings Inc.'s proposal to streamline the roughly 65,000 claims against the bankrupt financial giant by expanding omnibus objection rules and forgoing court approval on certain settlements.

In an objection lodged Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, U.S. Bank called Lehman's ideas “one-sided,” saying they “require claimants to provide evidence” of the validity of their claims “without receipt of any meaningful objection” from...
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