Lehman Sues Intel Alleging Breach of $1 Billion Swap Deal
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Bankrupt Lehman Brothers Holdings Inc. alleged in a lawsuit that Intel Corp., the world’s largest chipmaker, breached a $1 billion swap agreement.
Under a 2008 accord, Intel gave $1 billion to Lehman’s over-the-counter derivatives unit in August of that year in exchange for 50 million shares of its stock, to be delivered on Sept. 29, 2008, according to a complaint filed yesterday in U.S. Bankruptcy Court in Manhattan.