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Lehman Jan 28
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JPMorgan Chase To Pay $1.42 Billion To Lehman Brothers
Jan 27, 2016 | Nano News
By Alice Watkins
JPMorgan Chase has agreed to pay 1 point 42 billion dollars to Lehman Brothers Holdings to settle claims that JPMorgan drained Lehman of billions of dollars before the investment banking firm’s infamous collapse in 2008, according to JPMorgan’s 8-K filing with the Securities and Exchange Commission on Tuesday. -
JP Morgan To Pay $1.42 Billion To Settle Some Lehman Claims
Jan 27, 2016 | The Indian Republic
By Divit Nehru
U.S. banking giant JP Morgan Chase will pay $1.42bn (£990m) to settle most of the legal claims accusing it of draining Lehman Brothers of cash at the time of the 2008 financial crash. A federal judge ruled in favor of most of the allegations against JPMorgan in October 2015. -
Moree Council Move Heaven And Earth For Refund
Jan 28, 2016 | Moree Champion
By Samantha Manchee
After many years of being involved in a legal battle Moree Plains Shire Council (MPSC) may soon receive 80 cents in the dollar on their $2.5 million claim against an investment gone bad with the Lehman Brothers. The history making legal battle will see $500 million dollars released to creditors when settlement between the liquidators of Lehman... -
Flip Clause Ruling Nets Lehman Estate $3 Billion
Jan 27, 2016 | Risk Magazine
By Catherine Contiguglia
The US judge who voided the flip clauses in Lehman CLNs says the failed bank's estate has used the ruling to recoup $3 billion from creditors. But he warns that legal uncertainty about the decision remains. The judge who presided in the landmark Lehman Brothers bankruptcy case – and ruled that a controversial clause in credit derivatives...
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JPMorgan Chase To Pay $1.42 Billion To Lehman Brothers
Jan 27, 2016 | Nano News
By Alice Watkins
JPMorgan Chase has agreed to pay 1 point 42 billion dollars to Lehman Brothers Holdings to settle claims that JPMorgan drained Lehman of billions of dollars before the investment banking firm’s infamous collapse in 2008, according to JPMorgan’s 8-K filing with the Securities and Exchange Commission on Tuesday.
Image: JPMorgan to pay $1.42bn to settle lawsuit over claims of draining Lehman Brothers’ cash. A federal judge ruled in favor of most of the allegations against JPMorgan in October 2015.
Lehman lawyers and its creditors were quoted by the news agency as saying: “While the settlement agreement is not a global resolution of all issues between the parties, it ends a significant portion of their disagreements”.
JP Morgan was Lehman’s primary short term lender before its fall.
More than $105 billion has already been paid to Lehman’s unsecured creditors, Lehman has said. Lehman said in the filing that the settlement will allow it to make additional payments of $1.496 billion to creditors.
As a result, JPMorgan required Lehman to pledge increasing amounts of collateral in order to keep Lehman’s operations open...
For full story: http://nanonews.org/jpmorgan-chase-to-pay-1-42-billion-to-lehman-brothers/
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JP Morgan To Pay $1.42 Billion To Settle Some Lehman Claims
Jan 27, 2016 | The Indian Republic
By Divit Nehru
U.S. banking giant JP Morgan Chase will pay $1.42bn (£990m) to settle most of the legal claims accusing it of draining Lehman Brothers of cash at the time of the 2008 financial crash. A federal judge ruled in favor of most of the allegations against JPMorgan in October 2015.
It also puts to rest Lehman's challenges over J.P. Morgan's closeout of thousands of derivatives contracts following the investment bank's collapse. $1.42 billion in cash, according to an article in The Wall Street Journal. The bank said in a regulatory filing that the settlement will have no impact on the bank's first quarter results. "The compromises set forth in the Settlement Agreement are a fair and equitable resolution".
The representative from both companies declined to comment on the settlement.
As a result, JPMorgan required Lehman to pledge increasing amounts of collateral in order to keep Lehman's operations open. Lehman has contended that the bank's demands helped force it into its $613 billion bankruptcy, the largest in United States history...
For Full Story: http://theindianrepublic.com/jp-morgan-to-pay-1-42-billion-to-settle-some-lehman-claims-65417.html
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Moree Council Move Heaven And Earth For Refund
Jan 28, 2016 | Moree Champion
By Samantha Manchee
After many years of being involved in a legal battle Moree Plains Shire Council (MPSC) may soon receive 80 cents in the dollar on their $2.5 million claim against an investment gone bad with the Lehman Brothers.
The history making legal battle will see $500 million dollars released to creditors when settlement between the liquidators of Lehman Bros Australia and Lehman Bros United States (US) is approved.
MPSC mayor, Katrina Humphries, said council was directed by the government to invest in collateralised debt obligations.
“We are prepared to move heaven and earth,” she said.
“We’ve had to try and untangle the web to make sure this doesn’t happen again. I am proud of the team at MPSC that have dogidly taken all avenues to track and retrieve our money.”
“As disclosed in our Annual Reports and Financial Statements over the past few financial years, MPSC, together with community groups and other local government authorities, has been involved in proceedings being taken against Lehman Brothers Australia in relation to losses arising out of investment instruments acquired by them prior to the global financial crisis.” MPSC said in their statement.
“Council understands that Federal Court judge Steven Rares approved a settlement between PPD Advisory and its US parent late last year approving the release of funds to creditors. MPSC’s portion of any financial settlement is not yet finalised but Council welcomes the news that a financial settlement is likely to be forthcoming.”
PPB Advisory chairman, Stephen Parbery, said when the Lehman Bros US collapsed in 2008 it was the largest collapse in US history, and the world.
PPB Advisory liquidator, Marcus Ayers, said PPB is confident MPSC will see a return.See your ad here
“80 cents in the dollar is a pretty substantial return considering where we were at seven years ago,” he said.
Mr Ayres said most disputes against the Lehman Brothers had been resolved and he was hoping that by May all creditors would be paid out...
For full story: http://www.moreechampion.com.au/story/3690768/moree-council-move-heaven-and-earth-for-refund/
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Flip Clause Ruling Nets Lehman Estate $3 Billion
Jan 27, 2016 | Risk Magazine
By Catherine Contiguglia
The US judge who voided the flip clauses in Lehman CLNs says the failed bank's estate has used the ruling to recoup $3 billion from creditors. But he warns that legal uncertainty about the decision remains. The judge who presided in the landmark Lehman Brothers bankruptcy case – and ruled that a controversial clause in credit derivatives contracts that would have given creditors priority in termination payments was invalid – says the use of his ruling in non-public mediations has...
Subscription needed for full story: http://www.risk.net/risk-magazine/news/2443394/flip-clause-ruling-nets-lehman-estate-usd3-billion
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Credit Derivatives
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