A federal appeals court is letting investors keep roughly $1 billion they received from Lehman Brothers after its 2008 bankruptcy filing triggered the liquidation of dozens of collateralized debt obligations
A federal appeals court is letting investors keep roughly $1 billion they received from Lehman Brothers Holdings Inc. after its 2008 bankruptcy filing triggered the liquidation of dozens of collateralized debt obligations.
The defunct investment bank can’t recoup the money from insurers, banks and hedge funds that invested in 44 synthetic CDOs written before the financial crisis, according to the ruling issued Tuesday by the U.S. Court of Appeals for the Second Circuit in New York.
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