Lehman, MetLife Settle Over $1B In Defaulted Notes

Law360, New York (March 3, 2009, 12:00 AM EST) -- Lehman Commercial Paper Inc. and Metropolitan Life Insurance Co. have settled a dispute related to two $500 million notes purchased by MetLife secured against mortgages held by Lehman, now in default as a result of Lehman's bankruptcy.

LCPI and its parent Lehman Brothers Holdings Inc. filed a motion Monday in the U.S. Bankruptcy Court for the Southern District of New York asking the court to approve the settlement, which provides for the terms of the notes to be extended while Lehman works to liquidate the collateral...
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