RMBS Trustees Open Court Fight For $11.4B Lehman Claim
By Alex Wolf (November 20, 2017, 9:25 PM EST) -- Bankruptcy court scrutiny of Lehman Brothers' sale of residential mortgage-backed securities in the years preceding the 2008 financial crisis got underway Monday as counsel for several RMBS trusts argued that the shuttered investment bank is responsible for $11.4 billion in damages for securitizing misrepresented loans.
Opening arguments were laid out to begin a court-assisted process to evaluate claims against Lehman Brothers Holdings Inc. for allegedly selling billions of dollars' worth of dud mortgage-backed securities before its collapse. Lehman's plan administrator has argued that the trustees should be entitled to a maximum claim against the estate for $2.38 billion, while the trustees...
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