Source :Reuters / New York May 19, 2010, 12:15 IST
Lehman Brothers Holdings Inc has asked a federal bankruptcy judge to void more than $43 billion of claims by creditors, as the collapsed investment bank tries to slash its obligations.
According to filings on Tuesday with the federal bankruptcy court in Manhattan, Lehman determined that most of the claims it believes should be disallowed have been amended or superseded by claims filed by the same creditors.
It said other claims, meanwhile, duplicate claims filed by the same creditors against the same Lehman entities, and on account of the same obligations.
"The debtors cannot be required to pay on the same claim more than once," wrote Shai Waisman, a partner at Weil, Gotshal & Manges LLP, who represents Lehman.
A hearing on Lehman's request is scheduled for June 29.
Lehman filed for Chapter 11 protection from creditors on Sept. 15, 2008, in the largest bankruptcy in U.S. history.
In March, Lehman said creditors' claims should be reduced to $605 billion, and that allowed claims might ultimately decline to $260 billion.
The case is In re: Lehman Brothers Holdings Inc et al, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.
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