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Lehman Says Officemax Deal Cuts Claims by $400 Million

Lehman Brothers Holdings Inc. said a proposed settlement with OfficeMax Inc. would cut claims against the defunct investment bank by $400 million, to about half of the original claim, according to a federal court filing in Manhattan.

OfficeMax, which announced the deal separately today, received an $817.5-million Lehman- backed note in connection with a 2004 timberlands sale. Lehman is trying to cut disputed claims to improve its payments to the remaining creditors. The settlement needs a bankruptcy judge’s approval.

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