Levine Lee News

Lehman Trustee Seeks to Recover $98M from Wells Fargo

As reported in Law360: “Lehman Brothers Inc.’s liquidating trustee on Friday filed a $98 million adversary proceeding against Wells Fargo Bank NA in New York bankruptcy court seeking to recover collateral under a swap agreement the bank allegedly ended when Lehman went under. Attorneys for James Giddens — the trustee liquidating Lehman Brothers Holdings Inc.’s broker-dealer unit LBI — are requesting damages after Wells Fargo allegedly breached an October 2001 contract under which LBI and the bank entered into swap transactions involving agreements by the parties to exchange payment obligations. . . . Giddens is represented by Kenneth E. Lee and Lara J. Fogel of Levine Lee LLP. . . . The case is In re: Lehman Brothers Inc., case number 1:08-ap-01420, in the U.S. Bankruptcy Court for the Southern District of New York.”

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