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RBS Owes $350Mn - Lehman Trustee
The trustee for the Lehman Brothers Holdings estate seeks to collect from Royal Bank of Scotland Group on a 1998 transaction that was terminated early. According to the complaint filed with U.S. Bankruptcy Court in Manhattan, ABN Amro Bank - which is now owned by RBS - allegedly terminated the $345.9 million swap agreement on 9/22/08, one week after Lehman filed for Chapter 11 protection from creditors.
The $345.9 million in question relates to 247 foreign currency transactions that were outstanding when the agreement was terminated. Trustee James Giddens said RBS is refusing to pay because it claims a right to set that amount off against amounts owed it by the Lehman brokerage and various affiliates.
The case is Giddens v. Royal Bank of Scotland NV, U.S. Bankruptcy Court, Southern District of New York, No. 11-ap-02548. [Reuters, 8/22/11]
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