Trading Partner Sues Lehman For $71M

Law360, New York (February 3, 2009, 12:00 AM EST) -- DCI Umbrella Fund PLC is reportedly suing bankrupt Lehman Brothers Holding Inc.'s U.K. unit, accusing the erstwhile financial giant of defaulting on a swap agreement and demanding that Lehman return $71 million in securities.

On Tuesday, Dublin-based Umbrella sued Lehman in the U.S. District Court for the Southern District of New York, arguing that it violated the terms of a swap agreement with the trading partner when it filed for bankruptcy, Dow Jones reported.

Umbrella had used the $71 million in securities as collateral for derivatives...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.