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Lehman Feb 9
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Lots of Attention on New Lehman Brothers Lawsuit; Lender's Super Bowl Ad Results
Feb 8, 2016 | Mortgage News Daily
By Rob Chrisman
...All the legal minds starting cogitating last Wednesday about the latest mega-lender case involving Lehman Brothers. Josh Rosenthal, a partner at Medlin & Hargrave, PC, writes, "...Lehman filed a lawsuit against over 100 loan originators related to the Fannie Mae settlement it entered into in 2014. Lehman had asked the court for an... -
Lehman Gets Nod On $1.4B JPMorgan Settlement
Feb 8, 2016 | Law360
By Jonathan Randles
A New York bankruptcy judge on Monday approved a $1.42 billion settlement to resolve most litigation between Lehman Brothers Holdings Inc. and JPMorgan over transactions that occurred in the runup to Lehman’s 2008 bankruptcy. The deal, approved by U.S. Bankruptcy Judge Shelley Chapman... -
Lehman Brothers Is Back... In A Whiskey Bottle
Feb 8, 2016 | CNN Money
By Jim Boulden
Lehman Brothers is synonymous with financial catastrophe, but one entrepreneur hopes the brand will make him a fortune -- as a range of Scotch whiskey. More from KSPR.com Why the female generational divide for Clinton? Japan stocks plunge as key bond yield goes negative Trump calls out Bush family over eminent domain -
Lehman Brothers Brand Is Reborn As A Scotch Whiskey
Feb 8, 2016 | Daily News
By Daniel McDonald
James Green, 34, is launching three whiskies with Lehman Brothers on the label. The most popular of the range, “Ashes of Disaster,” claims to have a “wicked suggestion of burning banknotes, a hint of ripe autumn fruit about to fall.” Lehman Brothers collapsed in the largest U.S. bankruptcy in history in September 2008, sparking the global... -
Lehman Brothers Lives On As Scotch
Feb 8, 2016 | HITC
By Ian Bolland
MarketWatch reports that with a dram of Lehman Brothers Scotch, say. "It has a contrite, bereft peatiness," says James Green, a 34-year-old London entrepreneur who has created a new liquor line with the doomed bank's logo. He is describing his flagship Scotch whisky, labelled Ashes of Disaster.
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Fannie Mae
JPMorgan
Lehman Brothers Scotch
Full Text of Stories Below
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Lots of Attention on New Lehman Brothers Lawsuit; Lender's Super Bowl Ad Results
Feb 8, 2016 | Mortgage News Daily
By Rob Chrisman
...All the legal minds starting cogitating last Wednesday about the latest mega-lender case involving Lehman Brothers. Josh Rosenthal, a partner at Medlin & Hargrave, PC, writes, "...Lehman filed a lawsuit against over 100 loan originators related to the Fannie Mae settlement it entered into in 2014. Lehman had asked the court for an alternative dispute resolution order from the court which was forcing parties who hadn't agreed to mediation to mediate disputes in New York with mediators chosen by Lehman. However, we know that Lehman filed this action in defiance of that order because we have been in the process of setting up mediations with Lehman for some time.
"This action was most likely filed in response to the recent 10th Circuit case that you had posted recently in your commentary. LBHI v. Universal Mortgage Company, LLC. et al. would have the effect of making all of the indemnity claims related to the Fannie Mae settlement outside of the relevant statute of limitation. The 10th Circuit decision is only persuasive authority in a bankruptcy court in NY and the NY bankruptcy court has already denied motions based on the arguments made in the 10th Circuit decision. But, Lehman likely had to do something big or risk every originator refusing to settle with Lehman. This is likely to turn into a very big fight....this lawsuit is related to the Lehman settlement with Fannie Mae and Freddie Mac. We have dealt with many more claims related to the Fannie Mae settlement, likely because the Fannie Mae claim was about 10 times larger than the Freddie Mac claim. Also, it appears that Lehman may not have done its research into the parties it chose to name in this action. We can identify at least 3 defendants who are no longer in business and haven't been for some time."
And James Brody, Senior Managing Member of the American Mortgage Law Group, sent, "The Tenth Circuit Court of Appeals came down last week against Lehman Brothers Holdings Inc., ("LBHI") and affirmed the dismissal of several lawsuits in the U.S. District Court in Colorado in favor of lenders on the issue of the statute of limitations. The Tenth Circuit decision applied New York's borrowing statute, which provides for a three year statute of limitations, to find that LBHI's claims were time barred and thus, were correctly dismissed by the District Court. Such an interpretation is adverse to the position previously taken by the Bankruptcy Court in the Southern District of New York, which is that the statute of limitations runs from LBHI's settlement with Fannie Mae and Freddie Mac in 2014, and not from the earlier date of the sale of the loans to Lehman Brothers Bank. This position taken by the Bankruptcy Court was heavily based on an earlier case that came out of the U.S. District Court in Colorado. The Tenth Circuit's recent opinion, which is clearly in conflict with that of the Bankruptcy Court, puts the Bankruptcy Court's interpretation of the appropriate accrual date for the statute of limitations in jeopardy.
"As a result, likely out of concern that the borrowing statute will be applied against LBHI in their New York cases pending against approximately 3,000 counter parties, LBHI filed a multi-defendant lawsuit against some 140 lenders and brokers in the Bankruptcy Court in the Southern District of New York. In the adversary complaint, LBHI is again attempting to test the statute of limitations in New York as this new complaint seeks declaratory relief on the issue. AMLG represents tens of lenders both in and out of litigation related to the LBHI matters, including the most recent adversary complaint."
Also from NY comes word from the New York attorney general's that HSBC Holdings P.L.C. will pay $470 million to settle parallel U.S. federal and state civil charges alleging the bank's mortgage servicing arm engaged in abusive foreclosure and loan origination practices. "The mortgage settlement resolves claims brought against the London-based bank by the U.S. Justice Department, the Consumer Financial Protection Bureau, the U.S. Department of Housing and Urban Development, and 49 states plus the District of Columbia."
For full story: http://www.mortgagenewsdaily.com/channels/pipelinepress/02082016-mortgage-lawsuits.aspx
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Lehman Gets Nod On $1.4B JPMorgan Settlement
Feb 8, 2016 | Law360
By Jonathan Randles
A New York bankruptcy judge on Monday approved a $1.42 billion settlement to resolve most litigation between Lehman Brothers Holdings Inc. and JPMorgan over transactions that occurred in the runup to Lehman’s 2008 bankruptcy.
The deal, approved by U.S. Bankruptcy Judge Shelley Chapman, resolves two of the three major pieces of litigation Lehman had brought against JPMorgan and, when combined with a related release of a debtor deposit, will result in a $1.49 billion payment to Lehman creditors, LBHI attorney Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.
“[The settlement] leaves both parties unhappy,” Rossman said laughing, suggesting to the court that the deal was reached as part of a fair negotiation. Announced last month, the settlement was described as resolving a “significant portion” of the parties’ various legal disputes. JPMorgan was one of Lehman’s largest creditors.
In its lawsuit, Lehman has accused JPMorgan of contributing to the investment bank’s epic downfall in September 2008. Lehman had been seeking recovery and damages of $8.6 billion against JPMorgan. The lawsuit claimed JPMorgan made collateral transfers while Lehman was insolvent.
The deal was announced months after a federal judge ruled mostly in favor of JPMorgan on questions of law related to the suit. Crucially, U.S. District Judge Richard Sullivan ruled that contracts between the parties allowed JPMorgan to stop extending Lehman credit. The court found that JPMorgan’s request for more collateral as a condition of additional credit extensions didn’t violate the terms of its contracts with Lehman.
Lehman claimed in the suit that in the final days before it filed for bankruptcy, JPMorgan used its “life or death” leverage as Lehman’s primary clearing bank to extract desperately needed liquidity — including more than $5 billion in cash on the day before Lehman's collapse on Sept. 15, 2008 — as collateral to secure credit lines held by brokerage unit Lehman Brothers Inc.
The settlement agreement resolves claims in an avoidance action against JPMorgan for actual fraudulent conveyance, breach of contract, coercion and duress. The deal does not end additional claims over JPMorgan’s role as the main clearing bank for Lehman’s broker-dealer business and other disputes over cash distributions.
At the conclusion of Monday's hearing, Judge Chapman congratulated attorneys on the settlement...For full story: http://www.law360.com/articles/756710/lehman-gets-nod-on-1-4b-jpmorgan-settlement
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Lehman Brothers Is Back... In A Whiskey Bottle
Feb 8, 2016 | CNN Money
By Jim Boulden
Lehman Brothers is synonymous with financial catastrophe, but one entrepreneur hopes the brand will make him a fortune -- as a range of Scotch whiskey. More from KSPR.com Why the female generational divide for Clinton? Japan stocks plunge as key bond yield goes negative Trump calls out Bush family over eminent domain Tesla's worst trading day since 2014 Super Bowl scores big for Nevada casinos
James Green, 34, is launching three whiskies with Lehman Brothers on the label. The most popular of the range, "Ashes of Disaster," claims to have a "wicked suggestion of burning banknotes, a hint of ripe autumn fruit about to fall."
Lehman Brothers collapsed in the largest U.S. bankruptcy in history in September 2008, sparking the global financial crisis.
A British real estate investor, Green filed in 2013 with the U.S. Patent and Trademark Office to use the term "Lehman Brothers" for bars and spirits.
He says he's now taking online orders for the whiskey from bar chains in London and New York.
Barclays Bank, which bought parts of Lehman Brothers, filed in 2014 to stop Green using the name. It noted, among other arguments, that the investment bank often gave "cut crystal whiskey decanter[s] etched with the mark Lehman Brothers" as gifts, which means its trademark should extend beyond banking. The filings show Barclays suspended its case in October 2015.
Barclays declined to comment...
For full story: http://www.kspr.com/life/money/lehman-brothers-is-back-in-a-whiskey-bottle/21052342_37878962
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Lehman Brothers Brand Is Reborn As A Scotch Whiskey
Feb 8, 2016 | Daily News
By Daniel McDonald
James Green, 34, is launching three whiskies with Lehman Brothers on the label. The most popular of the range, “Ashes of Disaster,” claims to have a “wicked suggestion of burning banknotes, a hint of ripe autumn fruit about to fall.”
Lehman Brothers collapsed in the largest U.S. bankruptcy in history in September 2008, sparking the global financial crisis.
A British real estate investor, Green filed in 2013 with the U.S. Patent and Trademark Office to use the term “Lehman Brothers” for bars and spirits.
He says he’s now taking online orders for the whiskey from bar chains in London and New York.
Barclays Bank (BCS), which bought parts of Lehman Brothers, filed in 2014 to stop Green using the name. It noted, among other arguments, that the investment bank often gave “cut crystal whiskey decanter[s] etched with the mark Lehman Brothers” as gifts, which means its trademark should extend beyond banking. The filings show Barclays suspended its case in October 2015.
Barclays declined to comment.
Green told CNNMoney an outcome of the dispute is “pending” so his lawyers have told him to sell as much whiskey as he can.
“It’s full speed ahead,” said Green, who expects bartenders on both sides of the Atlantic to be pouring the whiskey within months...
For full story: http://www.dailynewsx.com/news/business-news/lehman-brothers-brand-is-reborn-as-a-scotch-whiskey-16964.html
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Lehman Brothers Lives On As Scotch
Feb 8, 2016 | HITC
By Ian Bolland
MarketWatch reports that with a dram of Lehman Brothers Scotch, say.
"It has a contrite, bereft peatiness," says James Green, a 34-year-old London entrepreneur who has created a new liquor line with the doomed bank's logo.
He is describing his flagship Scotch whisky, labelled Ashes of Disaster. "The remit to the master blender was to taste the ups and downs of the economic devastation of 2008."
That year Lehman hit the rocks, helping trigger the global financial crisis. But its name lives on...
For full story: http://www.hitc.com/en-gb/2016/02/08/lehman-brothers-lives-on-as-scotch/
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Fannie Mae
JPMorgan
Lehman Brothers Scotch
Full Text of Stories Below
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