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The ginormous California pension fund already has a pending $430 million claim in Lehman's bankruptcy, but now it's going after the folks who presided over Lehman's demise, as well as the underwriters who facilitated it.
Much Ado About Fees, as MF Global Trustees Deliver Reports
Against the backdrop of a rare public meeting on legal fees in big corporate bankruptcies, Hughes Hubbard & Reed corporate reorganization and bankruptcy group chair James Giddens and former FBI Director Louis Freeh of Freeh Sporkin & Sullivan submitted their trustee reports advocating for dueling interests in MF Global's Chapter 11 case.Already facing a securities class action and a lawsuit by New York's attorney general, Ernst & Young is now hit with claims by the investment firm led by former AIG chairman Hank Greenberg. Starr International seeks damages for losses on $200 million in Lehman securities that it bought in June 2008.
Two new California state court suits filed by Grais were the subject of a Sunday New York Times column that noted his strategy of steering clear of hard-to-prove fraud allegations. But there are still a raft of defense firms standing between Grais and a big payday.
Fontainebleau Las Vegas accuses the banks that were supposed to provide it with $790 million in revolving financing of falsely claiming the project was in default. For Kasowitz Benson, it's another chance to take on litigation against banks, a favorite target of the firm.
Lehman Brokerage on Track to Pay Hedge Funds, Banks in Full
New payments will return 100 percent of their money to all brokerage customers, trustee James Giddens said in a statement. Previously, he said a full payment of more than $15 billion was likely when the brokerage settled its disputes with affiliates.Court-appointed trustees in big-ticket bankruptcies are taking bold steps to recover billions from alleged malefactors on Wall Street and beyond.
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