Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual - BusinessWeek

Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual - BusinessWeek: "Bankrupt Lehman Brothers Holdings Inc. reached a settlement in a derivatives dispute with billions of dollars at stake that divided courts in the U.S. and the U.K.
The legal fight centered on which entity should be paid first from collateral under two transactions: Lehman or the holder of notes issued by a special-purpose vehicle created by Lehman known as Saphir.
Lehman Brothers Special Financing Inc. reached a settlement with the Australian noteholder, Perpetual Trustee Co. Ltd., according to a court document dated Nov. 17. The filing, which Lehman said was made in federal court in Manhattan, couldn’t be confirmed in court records. Kimberly Macleod, a Lehman spokeswoman, declined to comment on the terms of the accord."