June 13, 2018 / 6:06 AM / 8 months ago

Credit Suisse to get $385 million in Lehman bankruptcy claim

The logo of Swiss bank Credit Suisse is seen at a branch in Winterthur, Switzerland November 2, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Credit Suisse (CSGN.S) will get $385 million (288.04 million pounds) from its bankruptcy claim against Lehman Brothers Holdings, the Swiss bank said on Wednesday, less than the $1.2 billion it sought from the failed U.S. investment bank for terminated derivatives transactions.

The deal, which still must be approved by a U.S. court, also means the Swiss bank’s Strategic Resolution Unit (SRU) will take a roughly $70 million impact in the case dating to 2009, Credit Suisse said.

“As previously disclosed, this amount is consistent with its existing SRU guidance for 2018 and as such will not have a material impact to the bank,” Credit Suisse said in a statement.

Once Wall Street’s fourth-largest investment bank, Lehman filed for protection from creditors in 2008, and its bankruptcy is among the largest in U.S. history.

Lehman had contended that Credit Suisse had inflated the value of its claims related to the premature end of tens of thousands of derivatives transactions between the two companies.

Reporting by John Miller

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