2023-03-08 22:22:09 ET
- Assured Guarantee ( NYSE: AGO ) won't have to pay about $500 million to a Lehman Brothers entity related to the proper valuation of credit default swaps during the financial crisis.
- Lehman Brothers International Europe, or LBIE, a London-based unit of the defunct bank, claimed that the bond insurance firm owed the bank about $500 million related to settling 28 credit default swaps in 2009. LBIE's claims ranged between $200 million to $500 million, according an Assured Guarantee's ( AGO ) 10-K filing.
- Judge Melissa Crane on Wednesday ruled that in favor of Assured Guarantee ( AGO ) after she presided over a trial in October 2021, according to the court ruling.
- LBIE is evaluating the decision and expects to appeal, Andrew Rossman, a lawyer for the firm told Bloomberg.
- Assured Guarantee ( AGO ) reported Q4 results last Tuesday.
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Assured Guarantee wins legal battle with Lehman Brothers over credit-default swaps