Israeli Bank Strikes $58M Deal With Lehman

Law360, New York (August 24, 2011, 3:38 PM EDT) -- Israel's largest bank announced Wednesday that it would receive $58 million as part of a settlement with the trustee overseeing the liquidation of Lehman Brothers Inc. and Lehman Brothers International Europe.

In a filing with TASE, the Israeli stock exchange, Bank Leumi le-Israel BM said it would sell $58 million in Lehman securities it currently holds and return the rest. The settlement, approved by a New York bankruptcy court Aug. 17, resolves a $100 million lawsuit Bank Leumi launched against the failed investment bank in the...
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