Lehman takes aim at guarantee claims

tearupcontract

The pledge in question, known as the board resolution guarantee, was drafted on June 9, 2005. Signed by then-chief executive Richard Fuld and former board director John Macomber, it appears to guarantee the liabilities of 18 affiliates, including Lehman Brothers International Europe, Lehman Brothers Finance and Lehman Brothers Special Financing.

The move comes after speculation over the validity of the resolution, which is analysed in the current issue of Risk and was first reported on March 25

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