Lehman Sues First Commercial Bank For $12M

Law360, New York (June 23, 2011, 9:08 PM EDT) -- The European arm of bankrupt Lehman Brothers Holdings Inc. sued First Commercial Bank on Thursday in New York, claiming it is owed $12 million in contractually mandated closeout amounts from derivative transactions that were outstanding when LBHI shut down.

Now the New York state court system will have to sort out the gap between the two banks' estimation of what they are each owed, as the Taiwan-based FCB claims Lehman owes it more than $25 million. The dispute stems from six transactions into which Lehman's London-based...
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