Lehman Sues BofA, Barclays To Halt Archstone Sale

Law360, New York (December 15, 2011, 6:39 PM EST) -- Lehman Brothers Holdings Inc. sued Bank of America Corp. and Barclays PLC Thursday in New York bankruptcy court to try to halt the sale of the banks' interests in apartment owner Archstone to a company run by property tycoon Sam Zell.

As part of its effort to stop the sale, Lehman matched the bid made by Zell's Equity Residential of $1.3 billion for a 26.5 percent stake in Archstone, according to the complaint.

The suit charges the banks with breaching agreements they signed when helping to fund...
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