London, January 12: A top executive, who is overseeing the unwinding of Lehman Brothers has warned that entities making unreasonable claims against the bankrupt Wall Street major will be forced to prove their case in public courts, a news report has said.
Lehman Brothers Holdings Chief Executive Bryan Marsal, who is responsible for maximising recoveries to all creditors, has warned big banks, which are looking to make “windfall profits” by making “outrageously unreasonable” claims against Lehman Brothers’ American business.
Quoting Marsal, UK daily The Financial Times said such entities would be forced to prove their case in public courts.
According to the report, he was planning to make an example of big banks seeking to claim more than they should on billions of dollars of losses linked to trades in derivatives.
“We are going to go after the outliers…
–Agencies