|
|
Article: PIPELINE.(Mortgages)(briefs)
- Article from:
- American Banker
- Article date:
- October 7, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Marc Hochstein and Harry Terris
Swap Spat
Two high-profile casualties of last year's market meltdown - Lehman Brothers and American International Group Inc. - are fighting over payments related to one of the instruments that caused the crisis.
Lehman, which filed for bankruptcy protection in September of last year, says AIG, which was taken over by the government around the same time, owes it about $9 million under a credit-default swap agreement.
"Somehow you always knew these two would get together," Stephen Lubben, a law professor at Seton Hall University, wrote on a blog post Tuesday.
In 2004 the parties signed a ...