Lehman Says Intel Wrongly Kept $1B In Swap Deal Collateral

Law360, New York (May 2, 2013, 1:12 PM EDT) -- Lehman Brothers Holdings Inc. on Wednesday sued Intel Corp. in New York bankruptcy court claiming it breached a $1 billion swap agreement with a Lehman derivatives unit and is looking to recover collateral it claims Intel improperly held onto.

The former investment banking giant claims that under the swap agreement with Lehman Brothers OTC Derivatives Inc., Intel was supposed to hand over $1 billion in exchange for about 50.5 million shares of its stock. LOTC posted $1 billion in collateral as part of the transaction just...
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