Lehman Brothers Holdings Inc.’s Australian subsidiary is seeking bankruptcy protection under U.S. law and said its assets could include $1.3 billion to cover investors’ losses tied to synthetic collateralized-debt obligations.
In court papers filed Friday with U.S. Bankruptcy Court in Manhattan, Lehman Brothers Australia said it has $1.3 billion in claims against Lehman’s holding company for losses related to structured finance arrangements known as a synthetic collateralized-debt obligations, or CDOs.
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