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Lehman plan administrator makes offer to settle mortgage repurchase claims

The plan administrator for Lehman Brothers Holdings Inc. and others in the Lehman bankruptcy case has made a binding offer to trustees of the 244 residential mortgage-backed security trusts issued by Lehman to settle mortgage repurchase claims on covered loans.

Certain institutional investors represented by Gibbs & Bruns LLP support the agreement and have asked the trustees to accept their agreement.

The offer says that a bankruptcy court will determine the allowed amount of mortgage repurchase claims submitted under the existing loan review protocol in respect of covered loans. The proceedings will start in October.

The institutional investors who support the agreement are AEGON USA Investment Management LLC, BlackRock Financial Management Inc., Cascade Investment LLC, Federal Home Loan Bank of Atlanta, Goldman Sachs Asset Management LP, Invesco Advisers Inc., Kore Advisors LP, Metropolitan Life Insurance Company, Pacific Investment Management Co. LLC, Sealink Designated Activity Co., The TCW Group Inc., Thrivent Financial for Lutherans, Voya Investment Management LLC and Western Asset Management Co.