Lehman Brothers Sues LCOR For $83M Over Swap Termination

Law360, Los Angeles (November 21, 2013, 10:32 PM EST) -- Lehman Brothers Holdings Inc. on Thursday hit real estate investment company LCOR Alexandria LLC with an adversary complaint in New York bankruptcy court, seeking to recover $83 million it says LCOR owed to one of its subsidiaries upon termination of an interest rate swap transaction.

LBHI claims LCOR violated the Bankruptcy Code and applicable agreements by improperly manipulating its calculations of the swap termination payment after it canceled a swap transaction with LBHI subsidiary Lehman Brothers Special Financing Inc. As a result of its calculations, LCOR...
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