Lehman Files $13M Suit Against Neb. Finance Authority

Law360, New York (October 5, 2010, 5:31 PM EDT) -- Lehman Brothers Financial Products Inc. has sued the Nebraska Investment Finance Authority alleging the quasigovernmental entity tasked with encouraging investment in the state owes the bankrupt financial giant more than $12.7 million under eight interest rate swap transaction agreements.

NIFA's method of calculating bond rates hurt Lehman, and Lehman never consented to it, according to the adversary complaint lodged Monday in the U.S. Bankruptcy Court for the Southern District of New York.

NIFA contends that it is owed more than $7.4 million in connection with the...
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