Law360, New York (November 24, 2015, 3:18 PM EST) -- Attorneys representing a Lehman Brothers subsidiary on Tuesday defended a lawsuit against a subsidiary of Australia's ANZ Bank seeking to claw back more than $17.1 million, telling a New York bankruptcy judge that ANZ's argument that the funds fall outside the court's jurisdiction is misplaced.The lawsuit against subsidiary ANZ Nominees is one of several complaints Lehman filed against foreign entities that entered into credit default swaps with Lehman Brothers Special Financing Inc., which served as a counterparty in the deals. ANZ Nominees has filed a motion to dismiss the claim against it for lack of personal jurisdiction, claiming any alleged... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
A $17.1m case brought by a Lehman Brothers subsidiary against a subsidiary of ANZ Bank will be allowed to proceed, after a ruling from a New York bankruptcy judge. The suit was filed in May last year and is seeking more than $1 billion for losses incurred when the bank failed to disclose information about its exposure to toxic mortgage assets.