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June 10, 2011

Goldman joins disclosure fight over Lehman claims

"Goldman Sachs Group Inc (GS.N) and other banks fighting for control of Lehman Brothers Holdings Inc's (LEHMQ.PK) bankruptcy have joined efforts to avoid sharing information about claims against the failed investment bank.

In court papers filed Friday in U.S. Bankruptcy Court in Manhattan, units of Goldman, Morgan Stanley (MS.N), Deutsche Bank AG (DBKGn.DE) and others said a proposal by a group of Lehman bondholders would go "far beyond" bankruptcy rules.

The banks are part of a group proposing a plan to divvy up about $60 billion in the Lehman estate to pay back creditors of the company, which filed the biggest bankruptcy in U.S. history in September 2008. The bondholders, an ad hoc group led by hedge fund Paulson & Co, have filed a competing plan that would yield lower returns for the banks."

Read more here.

June 10, 2011 in Current Affairs | Permalink

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