Bank of America apparently has beef with three Lehman Brothers units and wants to recover nearly $500 million provided as
collateral for derivative transactions,
according to Reuters.
The report says that Bank is seeking $468,028,363 plus accrued interest
of more than $350,000 from three Lehman affiliates. None of those three
affiliates have supposedly filed for bankruptcy, which means the
affiliates are not restricted by bankruptcy laws from returning the
cash.
Several others have also stepped forward to sue the bankrupt investment bank:
- Bay Harbour Management wants to challenge the bankruptcy
filing and the sale of the U.S. investment banking unit to Barclays
Capital plc.
-
Amber Capital Investment Management in New York and European hedge fund
GLG Partners Inc. claim that $8 billion was transfered to Lehman
Brothers International just before the company filed for bankruptcy and
are also objecting to the sale of the company.
-
Investor rights group Deminor filing a suit on behalf of people who lost money from securities issued by Lehman Brothers, according to another Reuters report.
So it looks like Bank of America has to wait its turn. Take a number.
- Maria Woehr
Comments
It looks like Bank of America Corp. is queuing up with several others to sue Lehman Brother Holdings Inc. 
can we the people do nothing we all have lost so much in pensions and 401ks ,can we get the rules changed to get our money out?