Bundesbank Loses U.K. Bid to Seize Assets in Lehman CDO Deal
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Germany’s central bank lost its bid to take control of a 2.9 billion-euro ($4.2 billion) securitization set up by Lehman Brothers Holdings Inc. just before its collapse.
Judge Michael Briggs ruled Excalibur Funding No. 1 wasn’t in default for long enough to allow the senior noteholder, the Bundesbank, to wrest control away from Lehman.