JPMorgan Says Lehman Wind-Down Wasn't 'Fire Sale'

Law360, New York (November 16, 2011, 3:36 PM EST) -- JPMorgan Chase Bank NA on Tuesday argued it had made the best deals possible when it sold off the bulk of Lehman Brothers Holdings Inc.'s collateral following the investment bank's 2008 failure, rejecting as second-guessing Lehman's objection to its $6.3 billion bankruptcy claim.

In a response filed in bankruptcy court in Manhattan, JPMorgan rejected Lehman's claim that it conducted a “fire sale” when selling off securities that Lehman had posted as collateral in so-called tri-party repurchase transactions after Lehman's September 2008 bankruptcy filing.

Rather, given the...
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