{"id":279,"date":"2017-04-13T19:45:47","date_gmt":"2017-04-13T19:45:47","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=279"},"modified":"2017-04-13T19:45:47","modified_gmt":"2017-04-13T19:45:47","slug":"swaps-interest-rate-cases-fhlbny-settles-with-lehman-brothers-for-70m-banco-santander-and-portugal-come-to-an-agreement","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/swaps-interest-rate-cases-fhlbny-settles-with-lehman-brothers-for-70m-banco-santander-and-portugal-come-to-an-agreement\/","title":{"rendered":"Swaps Interest Rate Cases: FHLBNY Settles With Lehman Brothers for $70M & Banco Santander and Portugal Come to An Agreement"},"content":{"rendered":"

\t\t\t\tThe Federal Home Loan Bank of New York will pay Lehman Brothers and its Special Financing unit a $70M settlement in an\u00a0interest-rate swaps case. The plaintiffs sued FHLBNY two years ago seeking over $150M that they claim they were owed related to their position on more than 350 swaps and options transactions.<\/p>\n

Lehman filed for Chapter 11 bankruptcy protection in 2008. The move froze the markets while spurring the end of millions of derivative transactions in which it was involved. A few days later, when FHlBNY ended its swaps with Lehman, it did so with a $16.5B notional amount.<\/p>\n

According to Lehman, due to interest rate fluctuations after its bankruptcy filing, FHLBNY returned and \u201ccherry picked\u201d other end dates. As a result, claims the plaintiff, the latter \u201cmassively understate\u201d how much it owed Lehman.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Home Loan Bank of New York will pay Lehman Brothers and its Special Financing unit a $70M settlement in an\u00a0interest-rate swaps case. The plaintiffs sued FHLBNY two years ago seeking over $150M that they claim they were owed related to their position on more than 350 swaps and options transactions. Lehman filed for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-279","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nSwaps Interest Rate Cases: FHLBNY Settles With Lehman Brothers for $70M & Banco Santander and Portugal Come to An Agreement — Institutional Investor Securities Blog — April 13, 2017<\/title>\n<meta name=\"description\" content=\"The Federal Home Loan Bank of New York will pay Lehman Brothers and its Special Financing unit a $70M settlement in an interest-rate swaps case. The plaintiffs sued FHLBNY two years ago seeking over $150M that they claim they were owed related to their position on more than 350 swaps and options transactions. 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Lehman — April 13, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Swaps Interest Rate Cases: FHLBNY Settles With Lehman Brothers for $70M & Banco Santander and Portugal Come to An Agreement — Institutional Investor Securities Blog — April 13, 2017","description":"The Federal Home Loan Bank of New York will pay Lehman Brothers and its Special Financing unit a $70M settlement in an interest-rate swaps case. The plaintiffs sued FHLBNY two years ago seeking over $150M that they claim they were owed related to their position on more than 350 swaps and options transactions. 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