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Goldman Sachs Gets 24 Subpoenas From Lehman in Probe of Derivatives Claims

Goldman Sachs Group Inc. (GS) got 24 subpoenas from bankrupt Lehman Brothers Holdings Inc. as part of a probe into derivatives claims against the defunct firm that were as much as $22 billion, according to a person at Lehman who declined to be named.

Goldman Sachs Asset Management LP was told to deliver documents needed for the investigation to Lehman’s law firm, Jones Day in New York, by Nov. 28 at 5 p.m., according to a court filing. Other subpoenas mostly went to funds, including the Goldman Sachs SMC Credit Opportunities 2008 Fund LP, the Goldman Sachs Quantitative Commodities Master Fund LLC and the Goldman Sachs Mortgage Credit Opportunities Offshore Fund LP.

Lehman, which has set a Nov. 4 deadline for votes on a $65 billion liquidation plan, is winnowing down claims against it from as much as $1 trillion to about $370 billion. It said in June that derivatives claims filed by 30 institutions including Goldman Sachs might be cut to $10 billion.

Bank of America Corp., Goldman Sachs, Deutsche Bank AG, Citigroup Inc., HSBC Holdings Plc, Barclays Plc and Credit Suisse Group AG filed derivatives claims ranging from at least $900 million to almost $3 billion against Lehman’s special financing unit, based on claim records.

Michael DuVally, a Goldman Sachs spokesman, declined to comment on the subpoenas. Kimberly Macleod, a Lehman spokeswoman, said she couldn’t immediately comment on the probe the company is conducting.

Lehman sold its stake in 10 Virginia buildings to Goldman Sachs for an undisclosed price, the defunct firm said yesterday.

Lehman filed the biggest bankruptcy in U.S. history in September 2008, listing assets of $639 billion.

The case is In re Lehman Brothers Holdings Inc. (LEHMQ), 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

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