Vague Terms Kill Banks’ Lehman Claims Over 600K Mortgages

Law360, New York (February 23, 2017, 9:59 PM EST) -- Banks that were left holding hundreds of thousands of dud mortgages when Lehman Brothers Holdings Inc. collapsed in 2008 had their bankruptcy claims related to most of those mortgages expunged by a New York federal judge on Wednesday, with the court saying the banks had effectively abandoned them.

U.S. Bank NA, Deutsche Bank National Trust Co. and other institutions bought millions of residential mortgages from Lehman in the lead-up to the financial crisis that they would bundle into securities and sell. The banks administer trusts that...
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