News & Insights

Lehman Brothers Agrees to $10 Million Settlement

On April 5, 2016, the United States Bankruptcy Court for the Southern District of New York approved a settlement according to which Lehman Brothers, Inc. agreed to recognize a debt of $10 million owed to Sher Tremonte’s client, Credencial Argentina S.A., a financial services firm based in Argentina. Credencial sued Lehman for withdrawing from a joint venture to finance a microlending business in South America. After Sher Tremonte overcame a motion to dismiss and took testimony from Lehman’s former executives and bankers, Lehman agreed to settle the claims for $10 million.