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Lehman Nov 25

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Moore Capital Management LLC

  1. Moore Slams Lehman's Withdrawal Move In $20M Suit

    Nov 25, 2015 | Law360

    By Cara Salvatore

    Moore Capital Management LLC asked a New York bankruptcy court Tuesday to turn Lehman Brothers Holdings Inc.'s withdrawal of claims in a $20 million fight over swap agreements into a with-prejudice dismissal, after Lehman allegedly wasted 18 months’ worth of Moore’s time and money.

    2. Australia's ANZ Bank

  2. Lehman Says NY Court Can Hear $17M Claim Against ANZ

    Nov 25, 2015 | Law360

    By Jonathan Randles

    Attorneys representing a Lehman Brothers subsidiary on Tuesday defended a lawsuit against a subsidiary of Australia's ANZ Bank seeking to claw back more than $17.1 million, telling a New York bankruptcy judge that ANZ's argument that the funds fall outside the court's jurisdiction is misplaced.

    3. Full Text of Stories Below

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Moore Capital Management LLC

  1. Moore Slams Lehman's Withdrawal Move In $20M Suit

    Nov 25, 2015 | Law360

    By Cara Salvatore

    Moore Capital Management LLC asked a New York bankruptcy court Tuesday to turn Lehman Brothers Holdings Inc.'s withdrawal of claims in a $20 million fight over swap agreements into a with-prejudice dismissal, after Lehman allegedly wasted 18 months’ worth of Moore’s time and money.

    Moore agrees with Lehman that certain of Lehman’s claims should be tossed. But it filed a rival dismissal order on Tuesday that would add the “with prejudice” element to the dismissal of some valuation claims after Lehman “belatedly acknowledged that those claims always lacked merit.”

    “Because defendants have caused the Moore entities to litigate these meritless claims for eighteen months — at great expense to the Moore entities, to defendants’ estates (and thus to their creditors), and to the court — they should not be permitted to withdraw them at this stage without prejudice,” Moore said.

    “The Moore entities should not have to face the prospect of defending against such claims a second time.”

    Moore Capital sued Lehman in June, seeking an order absolving the hedge fund of having to pay $20 million that Lehman says Moore Capital owes on swap agreements that were signed before the investment bank entered bankruptcy. Moore says the “central focus” of the litigation is the valuation that Lehman says Moore miscalculated.

    The hedge fund's suit says Moore Capital already paid Lehman $60 million to settle the amounts owed under the swap agreements, which Moore Capital entered into with Lehman Brothers Special Financing Inc. in July 2008, just a couple of months before Lehman sought Chapter 11 relief.

    A New York bankruptcy judge had refused in May to limit the dispute, saying that establishing whether the hedge fund sponsor is liable for alleged contract breaches must come first. U.S. Bankruptcy Judge Shelley C. Chapman denied Moore Capital's motion to dismiss counterclaims for interest tied to the alleged breach and for coverage of Lehman's attorneys' fees. Lehman is counterclaiming that Moore Capital dragged its feet in paying what it owes after terminating the swaps in 2008 — shortly after the investment bank collapsed, sending shock waves through the global financial market...

    For full story: http://www.law360.com/articles/731316/moore-slams-lehman-s-withdrawal-move-in-20m-suit

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    2. Australia's ANZ Bank

  2. Lehman Says NY Court Can Hear $17M Claim Against ANZ

    Nov 25, 2015 | Law360

    By Jonathan Randles

    Attorneys representing a Lehman Brothers subsidiary on Tuesday defended a lawsuit against a subsidiary of Australia's ANZ Bank seeking to claw back more than $17.1 million, telling a New York bankruptcy judge that ANZ's argument that the funds fall outside the court's jurisdiction is misplaced.

    The lawsuit against subsidiary ANZ Nominees is one of several complaints Lehman filed against foreign entities that entered into credit default swaps with Lehman Brothers Special Financing Inc., which served as a counterparty in the deals. ANZ Nominees has filed a motion to dismiss the claim against it for lack of personal jurisdiction, claiming any alleged injury LBSF says it suffered didn't occur in New York.

    At a hearing in Manhattan, LBSF attorney Paul DeFilippo of Wollmuth Maher & Deutsch LLP said ANZ's argument is undermined by the fact that the bank filed a proof of claim in Lehman Brothers Holdings' Chapter 11. By filing a claim in the case, DeFilippo said, ANZ has effectively consented to the New York bankruptcy court's jurisdiction over the clawback suit.

    Tuesday's argument comes months after U.S. Bankruptcy Judge Shelley Chapman ruled LBSF couldn't sue British-owned Shield Securities Ltd. in a suit over $41 million in credit default swaps, but she held her court does maintain jurisdiction over the money.

    DeFilippo said LBSF's case against ANZ Nominees is significantly stronger than the one it had against Shield Securities, which has since been settled. The biggest difference is the proof of claim ANZ Nominees filed in October 2009 against the Lehman estate; other ANZ entities have also submitted claims during the bankruptcy, he said.

    “Those differences give strong inference to hold ANZ Nominees in this case,” DeFilippo said...

    For full story: http://www.law360.com/articles/731069/lehman-says-ny-court-can-hear-17m-claim-against-anz

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