Lehman Files Suits Against Banks and Investment Firms Over "Flip" Clauses | Practical Law

Lehman Files Suits Against Banks and Investment Firms Over "Flip" Clauses | Practical Law

An update on a series of preference lawsuits filed by Lehman Brothers Holdings, Inc. (Lehman) against dozens of special purpose vehicles, 50 banks, hedge funds and investment firms in which Lehman claims that "flip" clauses in certain collateral-backing notes cost its bankruptcy estate and its creditors more than $3 billion. 

Lehman Files Suits Against Banks and Investment Firms Over "Flip" Clauses

Practical Law Legal Update 9-503-1902 (Approx. 3 pages)

Lehman Files Suits Against Banks and Investment Firms Over "Flip" Clauses

by PLC Finance
Published on 16 Sep 2010USA (National/Federal)
An update on a series of preference lawsuits filed by Lehman Brothers Holdings, Inc. (Lehman) against dozens of special purpose vehicles, 50 banks, hedge funds and investment firms in which Lehman claims that "flip" clauses in certain collateral-backing notes cost its bankruptcy estate and its creditors more than $3 billion.