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BofA ordered to pay almost $600 million to Lehman

by Administrator 12. December 2010 20:27

A U.S. bankruptcy court judge last week ordered Bank of America Corp. to pay $90 million in interest to Lehman Brothers Holdings Inc., as well as the $501.8 million in deposits that the bank has already been ordered to pay.

The ruling comes only three short weeks after the first ruling against Bank of America wherein Judge James Peck determined the bank had violated federal law in “brazenly” seizing $500 million of Lehman’s deposits in the summer of 2008.

A spokeswoman for the bank released a statement to reporters that stated the company was disappointed with the decision and is considering seeking an appeal.

The court decision is a victory for Lehman as it attempts to repay the hundreds of billions of dollars owed to creditors following its Sept. 15, 2008 bankruptcy.

 If you are facing bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494.

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