20.04.2012
By Simon Miller
The Zurich arm of Lehman Brothers Holdings has filed a claim against the Bank of Singapore in the High Court of London.
In papers filed last month, Lehman Brothers Finance SA claims the Bank of Singapore owes it $20m (£12.5m) over the termination of a series of equity derivative deals that took place between 2006 and 2008.
Lehmans argues that Bank of Singapore owes it the money dating from when the Asian bank gave notice of early termination of the contracts following the bankruptcy of Lehman in September 2008, Bloomberg has reported.
The derivatives specialist unit alleges that the Bank of Singapore wrongly calculated the amount it owed following the cancellation of the deals valued at more than $3.5m.
“The defendant said that it had arranged payment of that amount together with interest; however, no payment was made,” Lehman Brothers Finance said in the court filings.
This week, its European administrator PricewaterhouseCoopers said it would begin paying out money to creditors before the end of the year.
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