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Houston’s Gibbs & Bruns Negotiates $2.4 Billion Lehman Bankruptcy Agreement

© 2017 The Texas Lawbook.

By Allen Pusey

(April 5) — In a small but important step toward ending its long-running bankruptcy, the estate of Lehman Brothers has agreed to repay $2.416 billion in claims for substandard mortgages—loans that formed the basis for residential mortgage backed securities (or RMBSs) sold to 244 trusts.

The deal was negotiated by the Houston-based law firm Gibbs & Bruns on behalf of 14 major investor clients — including Metropolitan Life, BlackRock, Goldman Sachs, Voya and the Federal Home Loan Bank of Atlanta — who helped mediate the agreement with Lehman for the benefit of the various trusts.

Mark Curriden

Mark Curriden is a lawyer/journalist and founder of The Texas Lawbook. In addition, he is a contributing legal correspondent for The Dallas Morning News.

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