Lehman Files More Than 60 New Complaints
Starting last Friday and over the weekend, Lehman filed 65 new lawsuits against loan originators for loans sold or brokered to it and packaged as residential mortgage backed securities. In re Lehman Brothers Holdings, Inc., U.S. Bankruptcy Court, Southern District of New York, Case No. 08-13555. Per Lehman, many of the newly named parties either did not sell loans to Lehman that it felt were worth suing over related to the Fannie Mae settlement or settled with the parties on those loans before the Fannie Mae lawsuits were filed. For most of the new lawsuits, the claims involve many more loans than were part of the Fannie Mae lawsuits and Lehman is claiming much more in damages. The Court has indicated that it will not be managing these new cases alongside the existing cases. But, that seems unlikely, considering the Court’s expressed desire to manage all of the cases together. If your company has been named to this new round of litigation, contact us to discuss how we can help defend you.