8/12/2009

The Bank of New York Mellon had filed a motion to dismiss a complaint from Lehman Brothers that it should be given priority in relation to repayment of claims on Dante, a special-purpose vehicle of which Lehman was a swap counterparty. A U.S. bankruptcy judge rejected the motion. The court is considering a dispute involving the unwinding of one of Lehman's complex structured vehicles. It is expected to be a landmark case for the securitization industry.

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