Lehman Seeks $90M To Pay D&O Legal Fees

Law360, New York (November 8, 2010, 7:14 PM EST) -- Lehman Brothers Holdings Inc. has asked the judge overseeing the company's bankruptcy to free up an additional $90 million in insurance proceeds to cover legal expenses of directors and officers.

Lehman is close to exhausting the $70 million in insurance money that had been previously exempted from the bankruptcy’s automatic stay to pay defense costs stemming from the investment bank’s panic-inducing 2008 collapse, it said in a motion filed Oct. 27 in the U.S. Bankruptcy Court for the Southern District of New York.

“Accordingly, the debtors...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.