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FirstBank Takes 2nd Shot In 2nd Circ. In $62M Lehman Claim
April 19, 2017
FirstBank Puerto Rico returned to the Second Circuit on Wednesday in its attempt to recover $62 million in securities, or their market value, from the estate of Lehman Brothers Inc., saying it was covered as a customer under the Securities Investor Protection Act, and that LBI, as a collateral custodian, remained liable.
FirstBank put up the securities as collateral for interest rate swaps transactions with Lehman Brothers Special Financing Inc., a subsidiary of LBI. LBSF sold most of the securities to LBI under repurchase agreements.
FirstBank Takes 2nd Shot In 2nd Circ. In $62M Lehman Claim - Law360
April 19, 2017
FirstBank Puerto Rico returned to the Second Circuit on Wednesday in its attempt to recover $62 million in securities, or their market value, from the estate of Lehman Brothers Inc., saying it was covered as a customer under the Securities Investor Protection Act, and that LBI, as a collateral custodian, remained liable.
FirstBank put up the securities as collateral for interest rate swaps transactions with Lehman Brothers Special Financing Inc., a subsidiary of LBI. LBSF sold most of the securities to LBI under repurchase agreements.
FirstBank Takes 2nd Shot In 2nd Circ. In $62M Lehman Claim - Law360
