JPMorgan Agrees To Pay Nearly $ 700M To Settle Claims With Lehman Brothers

NEW YORK - JPMorgan Chase Bank NA on Feb. 1 agreed to pay nearly $ 700 million to bankrupt Lehman Brothers Holdings Inc. (LBHI) that JPMorgan had been previously paid for "purportedly secured claims against LBHI on the basis that, as 'affiliates' of JPMorgan Chase Bank, N.A., their claims were guaranteed by LBHI" under a September 2011 guaranty and secured by collateral posted by LBHI "in connection therewith," according to a motion for approval of settlement filed in New York federal bankruptcy court (In re Lehman Brothers Holdings Inc., et al., No. 08-13555, Chapter 11, S.D. N.Y. Bkcy.). Full story on lexis.com