RMBS Trustees Defend $11.4B Breach Claim Against Lehman
Law360, San Francisco (October 19, 2017, 9:16 PM EDT) -- Residential mortgage-backed securities trustees and Lehman Brothers Holdings Inc. squared off in New York bankruptcy court Thursday on the value of claims submitted in the wake of the financial crisis, with the trustees arguing that their "straightforward breach of contract claims" are worth $11.4 billion, while the shuttered bank argued they're worth $2.38 billion or less.
In a 57-page pretrial brief, the bankruptcy plan administrator for the defunct investment firm argued that since the 2008 financial crisis, it's made substantial efforts to whittle down the hundreds of thousands of claims filed by the trustee, which originally sought $37 billion in damages....
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