11 Feb '11, 7am

Seoul court rejects multi-million suit against Lehman Bros

Seoul court rejects multi-million suit against Lehman Bros

SEOUL: A Seoul court on Friday ruled in favour of Lehman Brothers International Europe in a damages suit filed by a South Korean firm to recoup lost investments in LBIE's collapsed Dutch subsidiary. Korea Investment and Securities went to court last year seeking 352 billion won ($314 million) it lost investing in credit derivatives sold by the Dutch unit Lehman Brothers Treasury (LBT), which went bankrupt in 2008, at the beginning of the global financial crisis. In the lawsuit filed against the Seoul branch of LBIE, the Korean firm claimed LBIE had an obligation to pay the soured debts. It said LBT was merely a paper company working for LBIE and LBIE was the real issuer of the derivatives. "The court rejects the plaintiff's appeal," the Seoul Southern District Court said in a statement, adding it was "difficult to see LBIE as LBT's parent company exercising complete contro...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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